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

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12 Jul 2019

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 2020/21 Code of Practice on Local Authority Accounting in the UK (the Code) which would apply to accounting periods beginning on or after 1 April 2020.

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 and feedback requested in the Invitation to Comment (ITC) relate to the following:

    • Clarity and streamlining principles, including amendments to the definition of materiality and checklist questions relating to the provision of disclosures.
    • A review of disclosures to support clarity and streamlining, including specific areas such as capital, pensions and financial instruments.
    • Accounting standards, including proposals to support the application of materiality in implementing Amendments to IAS 19: Plan Amendment, Curtailment or Settlement.
    • Legislative changes, affecting the different government areas in the UK.
    • Other areas, including service concession arrangements (PPP/PFI) relating to third party revenues and measurement of the liability; Housing Revenue Account debtor impairments, financial instruments presentation in the comprehensive income and expenditure statement; minor updates and insurance contracts for future years.

    CIPFA/LASAAC consulted on the implementation plans for IFRS 16 Leases in 2018. The ITC does not specifically re-expose the proposals to consultation but does include the text approved by CIPFA/LASAAC for IFRS 16 Leases implementation as an Appendix.

    Comments are requested by 27 September 2019.

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