The first two articles in this series considered the reports required to be prepared by the governors’ and the detailed financial statements, explains Steve Collings.
This final article considers the detailed disclosure requirements that academies are required to make in their annual financial statements.
Additional disclosures required under UK GAAP and the SoRP should be made in the notes to the financial statements. The 2011/12 AAD considers the notes at section 9.5 and they are extensive.
The notes required are the same as for any other charitable company, but academies are required to include a note identifying any unspent GAG which has been carried forward to the next accounting period.
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- Note on accounting policies
- Basis of preparation
- Going concern
- Recognition of incoming resources
- Resources expended
- Accounting for fixed assets
- Investment assets
- Pension benefits
- Contingent liabilities
- Contingent assets
About Steven Collings
Steve Collings, FMAAT FCCA is the audit and technical partner at Leavitt Walmsley Associates Ltd where Steve trained and qualified.