The Academies Accounts Direction 19/20 has been published
The Government has published its detailed guidance for academy trusts and auditors on preparing and auditing academy trusts’ annual financial statements.
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.
It 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.
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 ESFA within 4 months of its year end, usually 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, usually by 31 January
You can read the full document here: https://www.gov.uk/guidance/academies-accounts-direction
As always, we are here to help and guide you through this process. For further information please contact Brian Laidlaw on 0191 226 8329 or email email@example.com