The 2024 edition of our Higher Education (HE) development report identifies the key challenges currently facing the sector. Our experts provide guidance on how HE organisations can mitigate risks through rigorous planning and prepare for upcoming changes to financial reporting and audit requirements, as well as the broader education environment.
Global unrest, political uncertainty and rocketing costs have culminated in an official period of recession for the UK. So far, the country hasn’t experienced the rate or level of economic recovery hoped for in the immediate years after the initial COVID-19 pandemic.
Consequently, the higher education sector continues to face unprecedented challenges. Financial sustainability remains a key concern, particularly in relation to international students and the ongoing tuition fee cap. Meanwhile, new regulatory requirements are taking more time to prepare, and scrutiny of the sector is increasingly high.
Our new 2024 sector development report [ 12946 kb ] covers current and upcoming risks, threats and changes to the higher education sector, including:
- financial sustainability, the impact of international students and why going concern and reverse stress testing remains an important planning tool
- the new FRS 102 financial reporting standard and what this means for revenue recognition and leases in higher education
- effective governance processes and a reminder of the regulatory framework
- legislative updates including the new Economic Crime and Corporate Transparency Act and the Economic Activity of Public Bodies Bill
- changes to VAT and tax and how these developments affect the sector
- environmental reporting and pensions news.
For more insight, or to offer any feedback or suggestions for future editions of our sector developments report, get in touch with our team using the details below.
