It highlights that ‘as a minimum established academy trusts should consider:
revisiting and revising their accounting policies as appropriate
the need for restating comparatives for the year ended 31 August 2015, together with the opening balance sheet figures at 1 September 2014, within their financial statement for the period ended 31 August 2016
revising the format of the statutory accounts, ensuring that the trustees are aware of, and understand, the changes. The Accounts Direction for the period ending 31 August 2016 will provide model financial statements (the Coketown model) based on SORP 2015, covering most situations
whether the trust’s accounting systems will be able to accommodate the changes
the impact on timetables for preparing, auditing and approving the financial statements. The trust’s management team should plan and discuss this with the trustees, professional advisers and auditors as appropriate
whether specialist assistance is needed to identify transitional issues
whether finance staff need training on the changes to the SORP’.