HEFCE’s Accounts direction to higher education institutions for 2014-15 financial statements

1. I am writing to inform you of HEFCE’s Accounts direction to higher education institutions (HEIs) on preparing financial statements for 2014-15.

Statement of recommended practice: Accounting for further and higher education

2. HEIs are required to follow the ‘Statement of recommended practice: Accounting for further and higher education’ (SORP), or any successor to the SORP, in preparing their financial statements. The latest version of the SORP (2007) is available from the Universities UK web-site.

3. In the case of an HEI that is also a company limited by guarantee, this direction is subject to the requirements of the Companies Act. More...