Date posted: 20th Apr 2021
On the 31 March, the Education and Skills Funding Agency (ESFA) released the Academies Accounts Direction (AAD) 2020 to 2021.
Academies Accounts Direction 2020 to 2021
The changes this year are not particularly significant however, what is clear is that the ESFA are expecting more from Trustees particularly in relation to their communication to stakeholders via the Trustees’ Report and Governance Statement.
The AAD has now also been split into 3 documents to help stakeholders understand what is relevant to them and provide appropriate guidance to the users. The following two documents are now separate from the AAD:
- Model set of accounts for academy trusts
The model set of accounts (known commonly as the “Coketown model”) is now a standalone document.
- Framework and guide for external auditors and reporting accountants of academy trusts
This is a separate guide aimed at academy trust external auditors and reporting accountants.
Its worth noting that the AAD and model set of accounts have the same contractual status, and compliance with both documents is a requirement of an academy trust’s funding agreement.
So, what is new in the AAD 2020 to 2021?
Watch our latest webinar to get the details.