IA Webinar: Understanding the SORP Amendments: Insights from the Working Party

The Investment Association is consulting on proposed amendments to the Statement of Recommended Practice (SORP) for the Financial Statements of Authorised Funds with comments due by 6 July. The proposals are being made in response to the publication by the Financial Reporting Council (FRC) of amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland in March 2024, and other improvements identified by the SORP Working Party.

This webinar provides an opportunity to hear members of the SORP Working Party explain the purpose of these amendments and to raise questions before submitting a formal response.

The consultation document can be downloaded here.

This webinar will provide insights into the process for developing the SORP amendments and the key changes proposed. In particular:

• The use of mid-market prices, rather than bid, for valuing investments
• Simplification and clarification of the risk disclosures
• Simplification of the way transaction costs are disclosed in the accounts
• Simplification of the overall structure of the SORP document

This webinar will be of interest to anyone involved in the production, oversight, or audit of Authorised Fund accounts and to users of those accounts, including:

• Fund accounting and operations staff
• Risk professionals in AFMs' permanent risk management function
• Individuals in fund accounting and operations oversight roles
• Depositaries
• Fund auditors

Alex Fulga, EMEA Financial Reporting, J.P. Morgan
Former auditor with over 15 years’ experience in financial services between United Kingdom, Canada, and Eastern Europe. Leads a JPMorgan financial reporting operations cluster responsible for authorised investment funds, investment trusts, Luxembourg, and other European domiciled investment funds. Additionally, leads a specialist team responsible for monitoring, assessment, and delivery of change, impacting the financial reporting service across EMEA on multiple GAAPs (UK, Irish, Luxembourg and IFRS).

Mark Sherwin, Senior Adviser, Financial Reporting, The Investment Association
Mark is the Investment Association's Senior Advisor for Financial Reporting covering all aspects of fund accounting, reporting and disclosure. This role includes overseeing the maintenance of the SORP. Mark has amassed many years of experience at the Investment Association, and previously in a leading investment management firm.

Natheem Sarwar, Director, Global Head of Financial Reporting, BNY
Natheem heads up the Global Financial Reporting team at BNY. This team is responsible for the preparation of the financial statements and facilitation of the statutory audits of around 7,500 US/UK/Irish/Lux/Cayman Funds, Investment Trusts, Real Estate, Private Equity, Credit and Hedge funds where BNY is the Fund Administrator.

Natheem joined BNY in February 2007. Before this, Natheem held roles at Royal London in Technical Accounting and at Merrill Lynch in Product Control for Equity Financing and Derivatives. Natheem qualified as an accountant with Coopers & Lybrand in London prior to these roles.