16 June 2017
The Education and Skills Funding Agency (ESFA) published their latest guidance for academy trusts and their auditors this week. The Academies Accounts Direction 2016 to 2017 is a vital resource and the main reference document for the production of the annual reports and financial statements for accounting periods ending on 31 August 2017. It contains information on key areas as well as the practicalities of the ESFA’s reporting regime.
As expected there are few major alterations which will impact on all trusts. However there are some key changes which will be important to the trusts that are affected.
To help you decipher the AAD we have produced a summary discussing the implications of the key changes, using our sector knowledge and experience.
The key things to note are:
- the removal of the option for academy trusts to defer accounts;
- a clarification of the disclosures required for transfers of existing academies;
- the need for income recognition where an asset is being constructed under the Free Schools or Priority School Building Programme;
- requirement for trusts with more than 250 employees to publish information on their websites relating to the gender pay gap in their organisation
- A reminder that the Apprenticeship Levy was introduced in April 2017.
To read the full summary please click on the link below.
If you would like more information on any of the above or if you have any question about the Academies Accounts Direction 2016 to 2017, please get in touch with one of our academy school and education specialists at your nearest location or complete our online contact form.
