ABSTRACT
The need for HEIs to comply with best accounting practice consistently across the sector led to the production initially of a SORP covering just HE. However, in view of the similar accounting principles and needs in both FE and HE, a document covering both sectors was first issued in June 2000 (which applied from 1 August 1999). An updated version, ‘Statement of recommended practice: accounting for further and higher education’ was published on 1 September 2003 and has applied from 1 August 2003. The revisions reflected changes in Statements of Standard Accounting Practices (SSAPs), Financial Reporting Standards (FRSs) and in best accounting practice since the issue of the first combined SORP.
