Earlier this year in May 2016, the Education Funding Agency (EFA) issued the Academies Accounts Direction 2015/16 (AAD) which relates to accounting periods ending on 31 August 2016, outlining guidance for academy trusts and their auditors to use when preparing the annual financial statements for the last financial year.

Under the AAD academy trusts are required to prepare an annual report and financial statements to 31 August 2016; have those accounts audited by an independent statutory auditor and submit the audited accounts to EFA by 31 December 2016.