Transition to FRS 102 and Charities SORP 2015: For academy trusts incorporated before 1 January 2015, from the Education Funding Agency, highlights the transition issues that will be faced by academies and highlights how they have been considered as part of the Accounts Directive.
The guidance highlights that 'as a minimum established academy trusts should consider:
- revisiting and revising their accounting policies as appropriate
- the need for restating comparatives for the year ended 31 August 2015, together with the opening balance sheet figures at 1 September 2014, within their financial statement for the period ended 31 August 2016
- revising the format of the statutory accounts, ensuring that the trustees are aware of, and understand, the changes. The Accounts Direction for the period ending 31 August 2016 will provide model financial statements (the ‘Coketown model’) based on SORP 2015, covering most situations
- whether the trust’s accounting systems will be able to accommodate the changes
- the impact on timetables for preparing, auditing and approving the financial statements. The trust’s management team should plan and discuss this with the trustees, professional advisers and auditors as appropriate
- whether specialist assistance is needed to identify transitional issues
- whether finance staff need training on the changes to the SORP.'
The guidance also contains a table of the main changes.
To access the guidance, visit the 'Related links' section on this page.