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CIPFA/LASAAC consults on a new Code of Practice on Local Authority Accounting

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23 Jul 2018

The Chartered Institute of Public Finance and Accountancy (CIPFA) and the Local Authority (Scotland) Accounts Advisory Committee (LASAAC) are seeking comments, via an ‘Invitation to Comment’, on proposals for developing the 2019/20 Code of Practice on Local Authority Accounting in the UK (the Code) which would apply to accounting periods beginning on or after 1 April 2019.

Local authorities in the United Kingdom are required to keep their accounts in accordance with 'proper practices'. This includes compliance with the terms of the Code of Practice on Local Authority Accounting in the United Kingdom prepared by the CIPFA/LASAAC Local Authority Accounting Code Board (CIPFA/LASAAC).

The changes being proposed in the Invitation to Comment (ITC) include:

  • Narrow scope amendments to International Financial Reporting Standards, including amendments to IFRS 9 Financial Instruments and IAS 19 Employee Benefits.
  • Legislative and policy changes.
  • Updates for the IFRS Conceptual Framework for Financial Reporting (IASB March 2018).
  • The Code's approach to adaptations/interpretations and statutory adjustments.

The invitation to comment also includes other areas which CIPFA/LASAAC wishes to see the views of interested parties including group accounts, employee benefits, service concession arrangements (PFI/PPP arrangements) and complex financial instruments. CIPFA/LASAAC also seek views from respondents on ways to streamline and simplify local authority financial statements.

This is the second of two consultations on the 2019/20 Code. The consultation on IFRS 16 Leases represents a fundamental change to accounting for leases for local authorities. Interested parties are also encouraged to respond to that consultation.

Comments are requested by 8 October 2018.

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