CIPFA update their 'how to tell the story' publication

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24 May, 2016

The Chartered Institute of Public Finance & Accountancy (CIPFA) have issued an updated version of 'how to tell the story', its publication intended to help CFOs and other senior staff present local authority financial statements in a way that provides clear information for members and other key stakeholders.

This publication aims to assist the preparers of local authority financial statements to prevent the main messages of local authority financial statements being obscured by the detail required by International Financial Reporting Standards (IFRSs). It focuses on how clarity can be improved in four specific areas:

  • comparisons with budgets;
  • general Fund and HRA performance;
  • reserves position; and
  • cash flows.
It also includes a section covering reminders and frequently asked questions about the IFRS-based Code of Practice on Local Authority Accounting and an article entitled 'clear out the clutter', first published in April 2014, advising public sector bodies on how to apply materiality to their financial statements.

CIPFA have updated this publication following a consultation by CIPFA/LASAAC (made up of CIPFA and the Local Authorities (Scotland) Accounts Advisory Committee) last year.

The full version of how to tell the story is available on the CIPFA website.

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