Accounting for academies: tips and advice

The Academies Act 2010 stimulated a surge in schools converting to academy status - and an increase in specialist accountancy work. Rachael Power reports on a recent technical update.

As Steve Collings noted in a previous article the act encouraged a large number of schools to convert academy status.

At the UK200 charities training day in London last month, BDO partner and national head of education James Aston MBE updated practitioners on issues they should be aware of and offered more general advice on accounting for academies.

Academies are even still growing in numbers, according to Aston, who touched on areas including:

Continued...

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Comments
Steve Collings's picture

Accounts Direction    1 thanks

Steve Collings | | Permalink

The Accounts Direction for the 2013 audits was published in May 2013 (much earlier than the 2012 AAD thankfully) and is available from the EFA's website.  There are a number of differences from the 2012 AAD, such as the GAG c/fwd requirements, clarification of member, trustee, governor and director and a new requirement for Academies to publish their accounts on their website by 31 May 2014 (there was a requirement to publish accounts on academies' websites in 2012 but the date hadn't actually been clarified) and further guidance has been extended in the 2013 AAD to support the independent audit of regularity.

I'll cover the changes in articles over the next couple of months and how they will impact audit firms.

Regards

Steve 

PII implications

malcolmrichards | | Permalink

 As the Chair of the  Worcestershire Association of Governors: www.waguk.org I am often asked to advise GB's considering Academy status. As a Professional Indemnity Underwriter I always advise our insured's to notify if they act for Academies and adjust their Indemnity limits if needed. Whilst the 'overhaul' of the Education System maybe an 'economic opportunity' for the Accountancy Profession, you should be aware of the potential pitfalls.