The EFA released the 2014/2015 'Academies Accounts Direction' on 12 June.
A new SORP was issued by the Charity Commission, for periods commencing on or after 1 January 2015- therefore, two versions of the accounts direction have been published. Those academies which were already open on 1 January use the 'old' SORP and Academies Accounts Direction 2014 to 2015 (SORP 2005).
Academy trusts whose date of incorporation falls on or after 1 January 2015 must use the Academies Accounts Direction 2014 to 2015 (SORP 2015)
Early adoption of SORP 2015 is not permitted.
The Accounts Direction clarifies a number of issues that have arisen in the past, i.e. grants and income classification, and disclosure requirements. There are also a number of changes - these include:
Further information can be found online.
Caroline White, Advisor
T: 01964 533097/07919 018938
+44 (0)20 7543 5805
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