Introduction
The Financial Reporting Council (FRC) issued a revised version of Financial Reporting Standard (FRS) 102 which applies to accounting periods commencing on or after 1 January 2026. This is supported by an updated Housing Statement of Recommended Practice (SORP) which was published on 13 April 2026.
SHR can also require RSLs to adhere to additional accounting and disclosure requirements over and above those required by FRS 102 and the Housing SORP by issuing a Determination of Accounting Requirements (the Determination). As the published version of the SORP did not contain disclosure requirements on key management personnel emoluments, we are taking this opportunity to add this back into the Determination.
The ability to issue a Determination is set out Section 68(1) of the Housing (Scotland) Act 2010 (the Act). Section 68(3) of the Act specifies that a consultation must be undertaken before making, withdrawing or revising a Determination as well as specifying who must be consulted. Section 68(5) of the Act specifies that the Determination must not relate to a period beginning before it is published. The effective date for the Determination will be 15 June 2026. In order to avoid a disclosure gap for accounting periods beginning between 1 January 2026 and 15 June 2026, we will make an amendment to the Financial Viability of RSLs guidance note to bridge the gap.
On 11 May 2026, we issued a consultation on the proposed amendments to the Determination and related guidance notes. The consultation sought to obtain comments on the proposed amendments as well as identifying where any further improvements could be made.
The consultation closed on 23 May 2026. The responses received demonstrated support for the reintroduction of the disclosure on key management personnel emoluments.
This is our response to the feedback we received.
The Consultation Process
The consultation took place over a 2 week period in May 2026. It was sent directly to all Registered Social Landlords (RSLs), the Scottish Federation of Housing Associations, the Glasgow and West of Scotland Forum of Housing Associations, UK Finance, the Regulator of Social Housing, auditors who are active in the sector and a number of other stakeholders. The consultation was also published on the SHR website.
We received 7 consultation responses in total: 6 from organisations and 1 from an individual. Of the organisations, 4 were RSLs. One organisation did not give consent for their comments to be published.
Where we have permission to publish them, the detailed comments received are available on the SHR website.
Proposals, Consultation Responses, and Resulting Changes
The Determination
We asked respondents whether they agreed with the reintroduction of the key management personnel disclosure at section 3 of part 2 of the schedule.
All respondents supported the changes, so no further amendments were made.
Financial Viability of RSLs Guidance Note
We proposed to make a change to the guidance note to ensure that there is no disclosure gap in relation to key management personnel emoluments.
All respondents supported the changes, so no further amendments were made..
Other Comments
There were no other comments made by respondents.
Actions Undertaken and Future Steps
Having considered all of the responses that were received, we identified a number of specific actions:
- As no comments were raised, we will publish the Determination and the Financial Viability of RSLs guidance note in line with the version that we consulted on.
- We will continue to assess and enhance our online data collection systems to ensure they collect all pertinent data and facilitate the calculations needed to discharge our regulatory responsibilities.
Conclusion
The consultation demonstrated strong support for the Determination driving consistency in reporting.
The Determination remains fully consistent with FRS 102 and the Housing SORP, thereby ensuring that the financial statements of RSLs provide users with the information necessary to understand each organisation’s financial position.
We extend our appreciation to all consultation respondents for their constructive input in shaping the revised Determination.