The 2018/19 Code of Practice on Local Authority Accounting in the UK will adopt IFRS 9.  The approach to the adoption of IFRS 9 was detailed by CIPFA/LASAAC as part of their consultation for the 2017/18 Code.  The agreed position is set out in a separate publication – Forthcoming Provisions for IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers in the Code of Practice on Local Authority Accounting in the United Kingdom 2018/19.

Respondents to the consultation on the 2017/18 Code raised the issue of the impact of IFRS 9 on General Fund balances as a result of the new classifications.  CIPFA and the Local Authority (Scotland) Accounts Advisory Committee (LASAAC) are seeking the advice of CIPFA’s Treasury and Capital Management Panel.  In order to inform the Treasury and Capital Management Panel’s analysis on the topic of the impact of the classification of financial assets and the new impairment requirements under IFRS 9, a questionnaire has been issued for interested parties to complete.  The questionnaire also seeks views on the expected credit loss model under IFRS 9.

Responses are requested by 8 September 2017.

The press release is available on the CIPFA website.