I am using IntelliJ IDEA 13.1.4 and also tried the latest release 14.
Running SBT I get the following error:
Error:Cannot determine Java VM executable in
For me, I had selected the JDK in "Open Module Settings" > Module > Dependencies > Module SDK. However, SBT was looking for JDK at project level which is set in "Open Module Settings" > Project > Project SDK as @michasm has pointed out above