Academies: What you need to know about 2011-12 financial statements

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Steven Collings
Audit and Technical Partner
Leavitt Walmsley Associates Ltd
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Steve Collings continues his series on the ‘Academies: Accounts Direction 2011/12’ (AAD) with a look at the financial statements that governors must prepare. The final article will look at the detailed notes required in academies’ financial statements.

The first article considered the relevant reporting requirements contained in the ‘Academies: Accounts Direction 2011/12’ issued in August 2012 (AAD). This second article considers the financial statements that are prepared by the governors.

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  • Statement of financial activities
  • Income and expenditure account
  • Balance sheet
  • Cash flow statement.

Steve Collings is the audit and technical partner at Leavitt Walmsley Associates and the author of ‘Interpretation and Application of International Standards on Auditing’. He is also the author of ‘The AccountingWEB Guide to IFRS’ and ‘IFRS For Dummies’ and was named Accounting Technician of the Year at the 2011 British Accountancy Awards.

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