The Education Funding Agency (EFA) released the Academies Accounts Direction 2014 to 2015 on 12 June 2015.
The Charity Commission has issued a new SORP for the period commencing on or after 1 January 2015. Academy trusts whose date of incorporation falls on or after 1 January 2015 must use the new Academies Accounts Direction 2014 to 2015 (SORP 2015), while those academies which were already open on 1 January 2015 continue to use the old Academies Accounts Direction 2014 to 2015 (SORP 2005). Early adoption of SORP 2015 is not permitted.
The new Accounts Direction clarifies a number of issues that have arisen in the past, ie grants and income classification, and disclosure requirements. There are also a number of other changes as follows:
Further information can be found online.