The updated guidance in the 2013/14 finance record provides direction to colleges and auditors in preparing financial statements for colleges.
The changes are:
Table 1-I&E, Line 13 - Surplus/(deficit) on asset disposals: this entry can now take negative entries so as to allow losses to be recorded. The acceptable range of values is (85,000,000) to 85,000,000.
Schedule 1b-SFA and EFA, Line 5 - Total funding from Skills Funding Agency: The formula used to generate this value has been amended so as to include SFA Traineeships (Line 3b) and ensure that the correct figure is carried through to Schedule 1a and onwards to Table 1.
Colleges should ensure that they use the latest version of the finance record when they submit their accounts information by 31 December 2014.
