Statements of Recommended Practice (SORPs) address specific aspects of reporting on financial condition and financial and non-financial performance. PSAB issues SORPs to enhance decision- making and accountability by improving the understandability of reports issued in the public sector.
SORPs do not form part of GAAP. They are not prescriptive, but offer general guidance to encourage and assist public sector entities in effectively reporting relevant information that is useful in evaluating the entity’s financial condition at the financial statement date and its financial and non-financial performance during the reporting period.