You are viewing 1 of your 1 free articles
Regulator launches consultation on tweaks to accounting requirements for housing associations
England’s Regulator of Social Housing (RSH) has launched a consultation on proposed tweaks to accounting rules for housing associations.
The regulator said that the changes aim to provide further clarity and explanation of the requirements for segmental reporting – where organisations include breakdowns of the performance of different aspects of their business in financial results.
They will also “provide a more robust definition of the key terms driving segmental reporting”, the RSH added, as well as clarifying “that expectations on value for money reporting are set out in the code of practice and that reporting in the accounts is required at a group level”.
READ MORE
The consultation will be open to submissions for 10 weeks until 22 September.
It does not apply to local authority landlords as they are not subject to the RSH Accounting Direction, but it does apply to for-profit providers of social housing.
Any changes resulting from the consultation will come into force for accounting periods starting from 1 January 2022, although the regulator said it will encourage early adoption.
The RSH last made changes to its Accounting Direction in 2019, chiefly to align reporting requirements with the Value for Money standard introduced the previous year.
Responses to the consultation on those adjustments “identified a number of issues which were outside of the scope of the changes proposed at the time”, the regulator said.
At the time, it committed “to further examine these issues”.
The regulator’s Accounting Direction sets a minimum amount of information that registered providers must include in their financial reporting and demonstrate compliance with regulatory standards.
Sign up for our legal and regulation newsletter
Already have an account? Click here to manage your newsletters
