Monitoring & Reporting 50: Consistent Financial Reporting 2017-18
Posted on 16 May 2017 by education.finance
During the last week of March 2017 the Department for Education (DfE) published guidance relating to Consistent Financial Reporting (CFR) for the financial year 2017-18. 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 2017-18 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.