Accounts Direction for 2014 to 2015 financial statements applies to colleges’ financial statements for periods ending on or after 31 July 2015.
It highlights that FRS 102 and the new Further and Higher Education SORP (2015) will only apply for the 2015/16 financial statements and onwards and must not be adopted early. Colleges will continue for the 2014 to 2015 financial statements to use SORP (2007).
The guidance highlights that ‘the following must be submitted to the responsible funding body no later than 31 December 2015. For FE colleges this will be the Skills Funding Agency and for sixth form colleges, the EFA:
audited financial statements (including the regularity assurance report) of the college and its subsidiaries (where applicable) for the year ending 31 July 2015 (electronic copy of signed financial statements)
finance record for the year ending 31 July 2015 signed by the accounting officer of the college (electronic copies for signed version and unsigned Excel version)
financial statements auditor’s management letter, including the college’s response (electronic version only)