CIPFA/LASAAC consults on a new Code of Practice on Local Authority Accounting
20 Aug, 2021
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 2022/23 Code of Practice on Local Authority Accounting in the UK (the Code) which would apply to accounting periods beginning on or after 1 April 2022.
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:
- Further developments on the implementation of IFRS 16 Leases, comprising:
- the measurement of the service concession arrangement liability.
- further clarification of the treatment of Housing Revenue Account tenancy agreements under leasing standards following a separate consultation, in November 2020.
- Other changes to accounting standards.
- Other matters including further consultation on the future. implementation of IFRS 17 Insurance Contracts and review of capital financing requirement disclosures.
CIPFA/LASAAC consulted on the implementation plans for IFRS 16 in 2018 and 2019 and 2020. It is noted that the agreed text might be subject to change pending the outcome of the issues identified above. The ITC does not specifically re-expose the proposals to consultation.
Comments are requested by 11 October 2021.
Click for (all links to the CIPFA website):
