Comment deadline for CIPFA/LASAAC consultation on a new Code of Practice on Local Authority Accounting
The Chartered Institute of Public Finance and Accountancy (CIPFA) and the Local Authority (Scotland) Accounts Advisory Committee (LASAAC) are seeking comments on an exposure draft of the 2015/16 Code of Practice on Local Authority Accounting in the UK (the Code) which would apply to accounting periods beginning on or after 1 April 2015 ("the exposure draft").
The exposure draft includes proposals to incorporate the requirements of IFRS 13 Fair Value Measurement to the measurement of property, plant and equipment in the public sector.
Other significant amendments proposed in the exposure draft are in relation to:
- The impact of the Annual Improvements to IFRSs 2010 – 2012 and 2011 – 2013 Cycles.
- The Impact of IFRIC 21 Levies
- The implications of Financial Reporting Standard (FRS) 102 The Financial Reporting Standard applicable in the UK and Republic of Irelandwith respect to:
- Value Added Tax
- Heritage Assets.
- Pension Funds.