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Academies accounts direction 2016 to 2017 published

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21 Jun 2017

The Education and Skills Funding Agency has published the ‘Academies accounts direction 2016 to 2017’ (“The accounts Direction”). The Accounts Direction 2016 to 2017 is a guidance pack for academy trusts and their auditors to use when preparing their annual reports and financial statements for accounting periods ending 31 August 2017.

The Accounts Direction is based upon the Charities Statement of Recommended Practice (SORP) 2015, as amended by Charities SORP (FRS 102) Update Bulletin 1, and Financial Reporting Standard (FRS) 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

The Accounts Direction applies to all types of academy trust with a funding agreement with the Secretary of State for Education and an open academy at any point during the accounting period.

The Accounts Direction includes:

  • A defined reporting timetable to which academy trusts must work.
  • Model accounts and provides guidance on each component of the accounts.
  • Guidance on auditing requirements.

The full Accounts Direction is available from the Education and Skills Funding Agency website.

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