Component Accounting

The updated SORP 2010 was issued following wide spread consultation in accordance with the ASB's Code of Practice for SORPs. As the description suggests the SORP provides an update on the previously issued 2009 SORP - Accounting by Registered Social Housing Providers.

The implications of these updates must be recognised in accounts which end 31 March 2012. However, a small number of Registered Providers have decided to implement the requirements early, including adopting of the treatment of component accounting for their property assets in the year to 31 March 2011.

The successful implementation of component accounting can be achieved by a number of different methods and each individual provider will need to decide the most effective approach for themselves. In the case studies we offer insight into how two different organisations managed the process, drawing out the lessons learnt and the implications that you may wish to consider when the time comes for your adoption.

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