This guidance is the Education Funding Agency’s (EFA) reference pack for academy trusts and their auditors when preparing and auditing annual reports and financial statements for 2011 to 2012. It supplements the ‘Academies financial handbook’ and has the same status as the handbook in that it derives from requirements set out in academy trusts’ funding agreements with the Secretary of State.
The accounts direction helps academy trusts by explaining the elements to be included in their 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.
This version introduces developments in the accountability and audit framework for academy trusts, which move further towards greater simplification and autonomy, easing the administrative burden, in addition to refreshing financial reporting requirements.