The documentation is similar to that issued in previous years and the main changes this year include –
Key requirements are now set out in a new section “What an academy trust must do”
More clarity provided on the relationship between financial statements and other financial returns eg the AAR
Updated guidance for the review of effectiveness of the system of internal control in the financial statements
Updated guidance for the accounting officer’s statement of regularity, propriety and compliance in the financial statements
Updated guidance for disclosures of 16-19 core education funding in the financial statements
Clarification that the staff costs note should separately identify other employee benefits
Clarification of how trusts should determine an appropriate value for the initial recognition of long leasehold premises – trusts with incoming academies during 2023-24 should particularly take note of this point which can be found at paragraph 3.27.