academies accounts direction May 2013


The accounts direction for academies year 2013/2014 has been updated in a number of areas. These include auditors reports, regularity reporting, governance (timeliness and content of reports), accounting treatment of assets and liabilities and financial reporting requirements.

New academy trusts, including free schools, studio schools and university technical colleges, that have been incorporated by 31 August 2014 should review carefully whether they: 

  • are required to submit audited accounts to EFA for the period to 31 August 2014; or
  • are permitted under the Accounts Direction to defer their first audited accounts to 31 August 2015; or
  • are permitted under the Accounts Direction to prepare dormant accounts to 31 August 2014.


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