On 18 July 2011, the Department for Education published a new, much simpler standard called the Schools Financial Value Standard (SFVS) to replace the Financial Management Standard in Schools (FMSiS).
The new standard is to be implemented by maintained schools from September 2011.
The SFVS is aimed mainly at governing bodies, to provide them with real assurance that schools are managing their finances effectively and achieving value for money. It is designed to make it easier for the governing body to oversee the school’s finances and uses simple language, free from jargon.
