Introduction The purpose of this Handbook is to provide guidance on the preparation of Colleges’ financial statements for the year ending 31 July 2015 and to identify issues that will require consideration for future years. This Handbook supplements the 2007 Statement of Recommended Practice: Accounting for Further and Higher Education (the 2007 SORP) and the Accounts Direction for 2014 to 2015 Financial Statements issued jointly by the Skills Funding Agency and the EFA and supersedes the Handbook published for the 2013/14 financial statements. In publishing this guidance, the CFDG and the AoC have consulted with College financial statements auditors, the Skills Funding Agency and the EFA. The accounting policies and guidance set out in this handbook for the sector are applicable to all Colleges, regardless of their size, constitution or complexity. The policies and guidance are not applicable to external institutions, private training providers or other public bodies in receipt of learning and skills sector funding. Accounting policies need not be applied to immaterial items. Guidance on the determination of what is material may be found in TECH 3/08 Guidance on materiality in financial reporting by UK entities issued by the Council of the Institute of Chartered Accountants in England and Wales. Financial supervision of Colleges Colleges which are now formally designated as Sixth Form Colleges are subject to financial supervision by the EFA, an executive agency of the Department for Education. The remaining Colleges are subject to financial supervision by the Chief Executive of Skills Funding (the Skills Funding Agency). The EFA and Skills Funding Agency are referred to in this document as the “responsible funding body” as appropriate. Revisions to Accounting or Auditing Guidance All extant accounting standards that are relevant to the sector have been included within this Handbook as appropriate. For completeness this includes all standards up to and including: FRS 30 Heritage Assets UITF Abstract 48 Accounting Implications of the replacement of the retail prices index with the consumer prices index for retirement benefits and does not include FRS 100 to 102, which will not be applicable to the accounts for the FE sector until financial years ending on 31st July 2016. FRS 102 and the new FEHE SORP (2015) will only apply for the 2015/16financial statements and onwards and must not be adopted early.
Introduction The purpose of this Handbook is to provide guidance on the preparation of Colleges’ financial statements for the year ending 31 July 2015 and to identify issues that will require consideration for future years. This Handbook supplements the 2007 Statement of Recommended Practice: Accounting for Further and Higher Education (the 2007 SORP) and the Accounts Direction for 2014 to 2015 Financial Statements issued jointly by the Skills Funding Agency and the EFA and supersedes the Handbook published for the 2013/14 financial statements. In publishing this guidance, the CFDG and the AoC have consulted with College financial statements auditors, the Skills Funding Agency and the EFA. The accounting policies and guidance set out in this handbook for the sector are applicable to all Colleges, regardless of their size, constitution or complexity. The policies and guidance are not applicable to external institutions, private training providers or other public bodies in receipt of learning and skills sector funding. Accounting policies need not be applied to immaterial items. Guidance on the determination of what is material may be found in TECH 3/08 Guidance on materiality in financial reporting by UK entities issued by the Council of the Institute of Chartered Accountants in England and Wales. Financial supervision of Colleges Colleges which are now formally designated as Sixth Form Colleges are subject to financial supervision by the EFA, an executive agency of the Department for Education. The remaining Colleges are subject to financial supervision by the Chief Executive of Skills Funding (the Skills Funding Agency). The EFA and Skills Funding Agency are referred to in this document as the “responsible funding body” as appropriate. Revisions to Accounting or Auditing Guidance All extant accounting standards that are relevant to the sector have been included within this Handbook as appropriate. For completeness this includes all standards up to and including: FRS 30 Heritage Assets UITF Abstract 48 Accounting Implications of the replacement of the retail prices index with the consumer prices index for retirement benefits and does not include FRS 100 to 102, which will not be applicable to the accounts for the FE sector until financial years ending on 31st July 2016. FRS 102 and the new FEHE SORP (2015) will only apply for the 2015/16financial statements and onwards and must not be adopted early.
accounts%20direction%20handbook%20%202014-15%20version%201_0.docx