CIPFA LASAAC consult on the 2024/25 Code of Practice on Local Authority Accounting in the United Kingdom
25 Aug, 2023
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 2024/25 Code of Practice on Local Authority Accounting in the UK (the Code) which would apply to accounting periods beginning on or after 1 April 2024.
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) for the 2024/25 Code relate to the following:
- Mandatory implementation of IFRS 16 Leases
- Accounting for infrastructure assets
- Changes to accounting standards for 2024/25
- IFRS 17 Insurance Contracts
- CIPFA LASAAC's strategic plan, including:
- CIPFA’s Better Reporting Group
- Overview of Performance and Summary Financial Information
- Review of the structure and format of the Code
- Sustainability reporting
- Other emerging issues, including:
- Local audit and accounting issues
- Statutory specifications for local authority financial reporting
- Recognition of the Net Defined Benefit Pensions Asset
- Changes to International Public Sector Accounting Standards (IPSAS) which could impact on the Code
Comments are requested by 17 October 2023.
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