Changing the holiday year – Legal guidance

In 2015, colleges will be adopting international accounting standards when presenting their accounts. A new Further and Higher Education Statement of Recommended Practice (SORP) was developed and is effective for financial years beginning on or after 1 January 2015. One of the main changes to the SORP will require colleges to account for the costs of holiday pay that have been accrued as of 31 July, but have not yet been taken. This FINAL- Changing the holiday year - Legal advice for colleges - November 2014.pdf FINAL- Changing the holiday year - Legal advice for colleges - November 2014.pdf (PDF,400.62 KB) provides advice as to how colleges might seek to change the annual leave year and the consequences of such a change. This is a complex area of law and this guidance should be fully considered before changes are made. This legal guidance is also available to access from the advice and guidance pages of the AoC website.