Consultation on changes to the Accounting Direction
The regulator is proposing a small number of revisions to the Accounting Direction to align with the new Value for Money Standard and to reflect other changes.
The regulator proposes to revise its Accounting Direction for private registered providers of social housing.
The regulator’s changes to the Accounting Direction for private registered providers of social housing constitute primarily a change to the way providers prepare their accounts rather than being directive about the individual measures providers choose to take.
The proposed revisions have come about:
- as a result of the publication of a new Value for Money Standard which can be found on the Regulatory Standards page
- to accommodate the legislative abolition of the Disposal Proceeds Fund
- to reflect wider changes in legislation and changes in accounting standards and recommended practice
There are proposals for several other changes to the direction. These are the deletion of paragraphs where there is considered to be an equivalent and identical requirement already in FRS 102 to remove duplication. Other proposed amendments are to remove uncertainly or improve clarity. These have been identified within the consultation document.
It is proposed that any changes to the current direction following the completion of the consultation will have effect for accounting periods commencing on or after 1 January 2019.