CIPFA LASAAC consults on the 2023/24 Code of Practice on Local Authority Accounting in the United Kingdom
08 Aug, 2022
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 the 2023/24 Code of Practice on Local Authority Accounting in the United Kingdom ('the Code') which would apply to accounting periods beginning on or after 1 April 2023.
Local authorities in the United Kingdom are required to keep their accounts in accordance with 'proper practices'. This includes, for the purposes of local government legislation, 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 for the 2023/24 Code relate to the following:
- A stable platform, including the voluntary adoption of IFRS 16 Leases. There is separate work underway on infrastructure assets reporting.
- Changes to accounting standards for 2023/24.
- Updates to the Code because of legislation changes.
- Proposed approach to implementing IFRS 17 Insurance Contracts.
- CIPFA LASAAC’s strategic plan including:
- the communication of the key messages in the financial statements also featuring the work of CIPFA’s Financial Reporting Hub (FRHub).
- sustainability reporting.
- review of the structure and format of the Code.
Comments are requested by 14 October 2022.
Click for (all links to the CIPFA website):
