The main changes made in this year’s direction include:
- A new section to the governance statement regarding the management of conflicts of interest
- A new disclosure requirement on severance payments
- Updated guidance on service concession arrangements
- New guidance on accounting for buildings whose construction was overseen by the DfE or a local authority and transferred to the academy trust on completion
- New guidance on the accounting treatment for business rates
- Removal of the requirement to produce trading accounts for teaching schools as a separate note and clarification of how these transactions should be treated
- Updated feedback on non-compliance with the Direction (highlighting areas where wording is often inappropriately copied from the model set of accounts)
- Clarification that the trustees report must describe the organisational structure of any subsidiaries, joint ventures or associates of the academy trust
- Removal of the requirement to submit dormant accounts to ESFA