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.