annal nayyar blogs 14-15 The Academies Accounts Direction is the reference pack for academy trusts and their auditors to use when preparing and auditing financial statements for the accounting period ending on 31 August annually.

14-15 The Academies Accounts Direction is the reference pack for academy trusts and their auditors to use when preparing and auditing financial statements for the accounting period ending on 31 August annually.

To produce the Accounts Direction, EFA takes requirements set out by the Charity Commission in its Statement of Recommended Practice (SORP) and translates them into a form applicable to academy trusts. The Charity Commission issued a new SORP in July 2014, which is effective for accounting periods beginning on or after 1 January 2015. EFA produced a short guide on this in August 2014. Therefore, there are two versions of the Accounts Direction 2014 to 2015: one based on SORP 2015 and one based on the previous SORP, SORP 2005. Which version you use will depend on your academy trust’s date of incorporation.

The Accounts Direction outlines the requirements for each academy trust to:

  • prepare an annual report and financial statements to 31 August
  • have these accounts audited annually by independent registered auditors
  • produce a statement of regularity, propriety and compliance and obtain a regularity assurance report on this statement from the auditor
  • submit the audited accounts and auditor’s regularity assurance report to the EFA by 31 December
  • file the accounts with the Companies Registrar as required under the Companies Act 2006
  • publish the audited accounts on the trust’s website by 31 January

The Accounts Direction explains the elements you must include in your academy trust’s annual report and financial statements and the accounting treatments required. It also provides a model format for the report and the financial statements and ensures consistency of treatment between academy trusts.

 

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