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HEFCE publishes Accounts Direction to HEIs for 2014-15

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03 Sep 2014

The Higher Education Funding Council for England (HEFCE) recently published its 'Accounts direction to higher education institutions (HEIs) for 2014-15 financial statements'.

The Accounts Direction sets out various requirements for the preparation, approval and submission of the accounts of HEIs to HEFCE for 2014-15. Of particular note are the following:

  • HEIs are still required to follow the 2007 Statement of Recommended Practice (SORP) for Further and Higher Education in their 2014-15 financial statements, as the revised SORP approved in March 2014 will only be applicable for 2015-16.
  • HEIs must submit their audited financial statements for 2014-15 to HEFCE by Tuesday 1 December 2015.
  • The disclosure requirements for the remuneration of heads of institutions have changed from those for 2013-14, as has the basis for counting higher paid staff (those earning over £100,000 in the year).

The Financial Reporting Group of the British Universities Finance Directors Group (BUFDG) has encouraged HEIs to early-adopt the enhanced disclosure requirements for the remuneration of heads of institutions. However, it notes that the revised basis for counting higher paid staff cannot be early adopted, as it is inconsistent with the basis required by the 2013-14 Accounts Direction.

The full Accounts Direction is available from the HEFCE website.

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