IMA issues revised SORP

As part of its responsibility as a SORP making body, IMA regularly reviews the Statement to ensure that it is in step with relevant industry developments and accounting practice. The revised 74-page SORP includes developments such as the introduction of the FSA’s COLL rulebook, the UK’s convergance process with International Financial Reporting Standards (IFRS) and the increasing use of derivatives by authorised funds. In addition the updated document implements extra disclosure recommendations identified in IMA’s 2005 CIS Governance Review. Julie Patterson, director of regulation, op...