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Regulator changes accounting requirements for housing associations
The Regulator of Social Housing has changed its accounting rules for housing associations in a new direction published today.
The new rules are part of the English regulator’s plan to align its requirements with the Value for Money Standard introduced in April last year.
Seven metrics are included in the Value for Money Standard and the regulator will now require housing associations to report their progress against these in their accounts.
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As well as this, associations will have to set out “measurable plans to address any areas of underperformance”.
Another change has been brought in in light of the deregulation of how housing associations can use funds raised from selling homes.
Previously, associations were obliged to pay any receipts from selling homes into a Disposal Proceeds Fund. The regulator would have the ability to stipulate how these funds could be spent.
Housing associations are no longer required to use such funds but the regulator’s new directions require them to show what has been done with funds raised from selling homes.
According to the regulator, a consultation process revealed that housing associations are generally supportive of the changes.
