Monitoring & Reporting 55: Consistent Financial Reporting 2019-20
Posted on 17 April 2019 by education.finance
The Department for Education (DfE) have published guidance relating to Consistent Financial Reporting (CFR) for the financial year 2019-20. You can access the updated information on the Schools Finance Webpages. This is for local authority maintained schools and local authorities.
As a result of reviewing the Consistent Financial Reporting (CFR), guidance for 2019-20 has been published highlighting the changes along with a full list of ledger codes.
The changes are with immediate effect and will require you to update FMS to reflect changes in CFR codes and include additional ledger codes.
The CFR is a framework to help schools collect information about their income and expenditure by financial year. For Devon schools the Financial Reporting Suite is structured to provide this analysis for each school, though the compilation and submission of schools annual returns to the DfE are administered through the local authority’s corporate accounting function.
ScoMIS have received a spring update from Capita which contain the new CFR codes. Further information can be accessed on the ScoMIS FAQ
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