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Guidance: Related party transactions: information for academy trusts

Academy trusts must declare or seek approval using the related party transactions online form. The form will go live on 1 April 2019.

You will need an IDAMS account to use the form. You can set up an account and approve other users by following the guidance How to register for an IDAMS account.

Introducing the reporting requirement does not change the scope of what is deemed a related party transaction.

You can read about the principles applying to related party transactions in section 3.10 of the Academies Financial Handbook.

The Financial Reporting Council’s FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland defines what is meant by a related party and what needs to be disclosed in financial statements. The Charity Commission’s Statement of Recommended Practice provides additional useful information.

Academy trusts must continue to report all related party transactions, including those agreed between 1 September 2018 and 31 March 2019, in their 2018/19 financial statements, following guidance set out in the Academies Accounts Direction.

https://www.gov.uk/government/publications/related-party-transactions-information-for-academy-trusts

seen at 16:35, 22 March in Publications on GOV.UK.
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