ABI publishes new SORP ahead of Phase II project

A revised version of the Statement of Recommended Practice (SORP) was published by the Association of British Insurers (ABI) towards the end of last year to replace the SORP last issued in 2003. The revised SORP takes account of new UK accounting standards, in particular on the measurement of financial instruments and on life assurance, and takes effect for financial periods beginning on or after 1 January 2005.