2024-25 Update: Accounting for Academies

by Steve Collings

Part of a series of 2024 updates. This short course explores the legal and regulatory framework when accounting for academies, changes reflected in the 2023/24 Accounts Direction, and common problems noted by ESFA during their assurance work.

This module will enable you to

  • Understand and discuss the legal and regulatory framework relevant when accounting for academies
  • Explore changes published in the ESFA’s Academies Accounts Direction for 2023 to 2024
  • Recognise common problems noted by ESFA during their assurance work

About the module

In March 2024, the Education and Skills Funding Agency (ESFA) published the annual Academies Accounts Direction for 2023 to 2024. This version of the Accounts Direction applies for accounting periods ending 31 August 2024 and supersedes the version for periods ending 31 August 2023.

Topics covered in this year’s update include the legal and regulatory framework, recent changes, and common problems seen in academy trust accounts.

Contents

  • Accounting for academy trusts
    • Legal and regulatory framework
    • Changes in 2023/24 Accounts Direction
    • What are the common issues with academy accounts?
    • Common problems noted by ESFA

How it works

Author

Steve Collings

Steve is Director at Leavitt Walmsley Associates, a firm of Certified Chartered Accountants. He is an internationally recognised speaker, writer and commentator on all matters to do with financial reporting and auditing. Steve is a prolific author, having written over 25 books and currently represents the North West of England on ACCA’s Practice Network Panel.

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