CIPFA LASAAC issues its preliminary decision and feedback statement following its exceptional consultation in Feb 2022

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21 Mar 2022

The Chartered Institute of Public Finance and Accountancy (CIPFA) and the Local Authority (Scotland) Accounts Advisory Committee (LASAAC) have issued their preliminary decision and feedback statement following their exceptional consultation on time limited changes to the 2021/22 Code of Practice on Local Authority Accounting in the United Kingdom and the 2022/23 code.

The preliminary decisions were as follows:

  • The Board decided not to progress any option to pause professional valuation of operational property, plant and equipment, or to apply indexation to otherwise paused balances of operational property, plant and equipment.
  • The Board decided to pursue the option of deferring implementation of IFRS 16 Leases, subject to consideration and review of this approach by the Financial Reporting Advisory Board (FRAB). This deferral would be for a fixed period of two years and apply to all UK jurisdictions.

The outcome of these considerations is not a foregone conclusion. Preparers should therefore not suspend work on IFRS 16 implementation in anticipation of deferral. It is anticipated that the final decision will be available in the first week of April.

The preliminary decision and feedback statement is available on the CIPFA website.

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