CIPFA/LASAAC issue 2016/17 Code of Practice on Local Authority Accounting in the UK

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05 Jul, 2016

The Chartered Institute of Public Finance & Accounting (CIPFA) and Local Authority (Scotland) Accounts Advisory Committee (LASAAC) have issued the update 2016/17 version of their Code of Practice on Local Authority Accounting in the UK.

The revised Code has been introduced following two consultations by CIPFA/LASAAC in 2015. The 2016/17 edition of the Code introduces new, or amended, accounting standards or reporting requirements in a number of areas including:

  • The introduction of a new section specifying the revised measurement requirements at Depreciated Replacement Cost for the Highways Network Asset based on the methodologies in the CIPFA Code of Practice on Transport Infrastructure Assets.
  • The Code also includes changes resulting from the Telling the Story Review on improving the presentation of local authority financial statements. These include new formats and reporting requirements for the Comprehensive Income and Expenditure Statement and the Movement in Reserves Statement and the introduction of the new Expenditure and Funding Analysis.
  • Amendments to the Accounting and Reporting by Pension Funds section of the Code, following its review by CIPFA/LASAAC.
  • Following the changes introduced in the Update to the 2015/16 Code, amendments to reflect the new requirements in the Accounts and Audit Regulations 2015 for English authorities for a narrative statement.
  • Amendments arising from the narrow scope amendments to IFRS including changes to IAS 1 Presentation of Financial Statements under the International Accounting Standards Board Disclosure Initiative.

A Technical Information Note discussing feedback from the 2015 consultations and full details of the changes are available on the CIPFA website. A full version of the Code can also be obtained there (requires payment).

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