Accounting for schools: supporting you to make the change

The Code of Practice on Local Authority Accounting 2014/15 includes new requirements for the way maintained schools are included in local authorities' single entity financial statements.

All maintained schools' income, expenditure, assets, liabilities, reserves and cash flows are now required to be considered for inclusion in your single entity financial statements. CIPFA and PwC can support you in making this change though helping you identify:

  • the scale of the task for your authority
  • any elements currently in your accounts for these schools that now need to be excluded
  • all the non-current assets schools may have and the different arrangements for them
  • what changes are required to bring the schools’ transactions into line with your accounting policies 
  • the accounting treatments required in your financial statements.

Our support

For all local authorities in England, CIPFA and PwC offer tailored help to support your needs. (Please note, in Wales support is provided by CIPFA only: please contact us). Common areas where CIPFA and PwC can help include:

  • Impact assessment – understanding the key issues for your authority to ensure that you focus on the areas of greatest importance and creation of a project plan reflecting your priorities.
  • Non-current assets – identifying the different arrangements within schools in your authority and determining the correct accounting treatment.
  • Other considerations – considering other areas where school-based transactions should or should not be included in the authority’s accounts or require restatement.
  • Accounting implications – setting out the overall accounting implications for the financial statements (including disclosure notes and restatement of prior years) and supporting your discussions with auditors.

Contact us

For all local authorities in England, please complete our brief enquiry form. Our team will then shortly get back to you to discuss your requirements. Alternatively, call 020 7543 5600.