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Housing associations must change the way they fill in accounts, regulator says
The Regulator of Social Housing is making minor changes to the way it requires housing associations to fill in their accounts.
It plans to align its requirements with the Value for Money Standard introduced in April, which judges whether social landlords are delivering value for money.
This includes seven metrics that providers will have to report against and some provision for this will now need to be made in their accounts.
Associations will be consulted on these changes over the next six weeks.
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The regulator has also proposed that to change its accounting requirements following the abolition of the Disposal Proceeds Fund.
This was a change brought in by the government in the Housing and Planning Act 2016, which means that housing associations are no longer required to credit receipts from Right to Buy and other similar sources to a Disposal Proceeds Fund.
Previously, the regulator had been able to stipulate how registered providers of social housing could spend these receipts but this has now been abolished. The regulator said that it will update its accounting requirements to take this into account.
Finally, it said it will change its requirements “to reflect wider changes in legislation and changes in accounting standards and recommended practice”.
If approved after the consultation, these changes would come into force from 1 January 2019.
