Finance record 2015/16 (C15031): Major review

A fundamental review of the Finance Statistics Return (FSR) has been completed, with the resulting changes to be implemented in a new Finance record for the 2015/16 collection.

It was a fundamental review of financial reporting, also taking into consideration the changes from the implementation of FRS (Financial Reporting Standards) 102; changes to the SORP (Statement of Recommended Paractice: accounting for further and higher education); the current review of TRAC (Transparent Approach to Costing); and related issues.

June 2013: Requests for changed or new information to be submitted to HESA
26 June 2013: Initial strategic discussion
16 July 2013: First Review Group meeting
14 August 2013: Second Review Group meeting
8 October 2013: Third Review Group meeting
5 November 2013: Fourth Review Group meeting
9 January 2014: Second strategic discussion
25 March 2014: Fifth Review Group meeting
9 May 2014: Sector consultation opens
1 July 2014: Sector consultation closes
22 July 2014: Sixth Review Group meeting
November 2014: Recommendations to HESA Board
November 2014: Release of Summary of changes.

Representation on the Review Group

Higher education providers

Aberystwyth University
University of Birmingham
The University of Huddersfield
Kings College London
Lancaster University
Loughborough University
Sheffield Hallam University
University of Warwick
The University of the West of England
The University of Winchester
University of Ulster
University of York.

HESA Statutory Customers

Department for Business, Innovation and Skills (BIS)
Higher Education Funding Council for England (HEFCE)
Higher Education Funding Council for Wales (HEFCW)
Scottish Funding Council (SFC)
Department for Employment and Learning Northern Ireland (DEL(NI)).

Users of the data/professional bodies

British Universities Finance Directors Group (BUFDG).

And members of HESA staff.

Implementation of changes

Following the announcement of changes in November 2014, an Implementation Group was formed to develop the technical details of all of these decisions.

25 February 2015: First Implementation group meeting
20 May 2015: Second Implementation group meeting (day 1)
21 May 2015: Second Implementation group meeting (day 2)
August 2015: 'BETA release' template and guidance
Spring 2016: Final version of template and guidance.

Representation on the Implementation Group