Reporting for academies

A reference pack is available for academy trusts

Academies Accounts Direction 2014 to 2015 is a reference pack for academy trusts to use when preparing their annual reports and financial statements for accounting periods ending on 31 August 2015.

It also supports auditors with their audit of the financial statements.

Recent updates include:

  • additional information on the content of the auditor’s management letter
  • updated guidance to support the independent review of regularity;
  • removal of references to the ‘external auditor’. These have been replaced with ‘reporting accountant’
  • bringing forward of the date by which trusts must publish accounts on their website from 31 May to 31 January
  • guidance about the treatment of fixed assets funded from unrestricted funds
  • highlighting of disclosure requirements set out in the model accounts
  • re-ordered and updated sections of the trustees’ report to reflect the withdrawal of the business review, and its replacement with a strategic report.

It is also important that the recent letter to academy trust accounting officers highlighting key risks, including fraud and transactions with connected parties, is also considered.