In August 2019 we released an update to the Mercia Academies SAM Version 10.0.
Updated Education & Skills Funding Agency requirements
The Education & Skills Funding Agency issued its Accounts Direction 2018 to 2019 in April 2019. This Accounts Direction must be used by academy trusts preparing annual reports to 31 August 2019. We have updated the pro-forma accounts, accounts disclosure checklist and other relevant forms and guidance to reflect changes made to the 2019 reporting requirements. Changes have also been made to the regularity engagement related documentation to reflect updated ESFA guidance in this area and example governance testing.
Relevant forms and guidance on regularity reporting within the Academies SAM have also been updated to reflect the Academies Financial Handbook 2018, which became effective on 1 September 2018.
Teachers’ Pensions End of Year Certificate reporting
Teachers’ Pensions have published Reporting Accountant Guidance TP05 for 2018/19 which contains information on reporting requirements pertaining to the Teachers’ Pensions End of Year Certificate (EOYC). Documentation and guidance for this engagement have been updated in the manual to reflect the updated requirements. The EOYC reporting engagement has a filing deadline of 30 September 2019.
Charities SORP (FRS 102) - Update Bulletin 2
Update Bulletin 2 includes both ‘clarifying’ amendments and ‘significant’ amendments, the latter as a result of the FRS 102 Triennial Review and effective for accounting periods beginning on or after 1 January 2019 and therefore not included in this update. However, whilst ‘clarifying’ amendments are applicable for reporting periods beginning on or after 5 October 2018, Update Bulletin 2 states that these amendments reflect existing requirements of FRS 102 and are already applicable for charities preparing accounts in accordance with that standard. It is therefore recommended that these amendments are adhered to with immediate effect.
Mercia's What's Changed Documentation
For more details on the details of these changes, please download the Mercia What's Changed documents below.
If you have any technical queries relating to these updates, we recommend that you contact Mercia to discuss your queries.
If you need assistance updating your files with the latest content, please feel free to contact the MyWorkpapers support desk.