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Academies reporting: how FRS 102 and the new SORP impact you

5th August 2016

The new Academies Accounts Direction was released on 23 May 2016 and the big challenge facing academy trusts is making the transition to the new basis of accounting standards in the UK, FRS 102.  This latest Accounts Direction also combines the requirements of the Statement of Recommended Practice for Charities or “SORP”, issued by the Charities Commission which academies must also comply with as exempt charities.

This is the biggest shake-up of UK accounting standards in decades and as the end of the financial year looms now is the time to start considering the key changes to your financial statements.

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