In 2006 HM Treasury and the Department for Transport commissioned CIPFA to carry out a review of accounting, management and finance mechanisms for local authority transport infrastructure assets. Following consultation, the final review report was issued in 2008, and the government's response, which accepted the review’s findings and recommendations, was published in January 2009. To support implementation, the Government asked CIPFA to produce a new code that would deliver robust, consistent financial information to support transport asset management, financial management and reporting.
Implementation is being overseen by a project implementation steering group which includes representatives of the UK government and devolved administrations, local government, and national and local audit bodies. Detailed development work is being undertaken in collaboration with the Highways Asset Management Financial Information Group (HAMFIG) which includes local authority representatives from England, Scotland and Wales.
The code will also be used to report the assets on a current value basis in Whole of Government Accounts. HM Treasury has set a timetable for a gradual transition to reporting on this basis, starting with a limited, unaudited data submissions for 2009/10, building up to a full audited dry run in 2011/12 and the withdrawal of historic cost-based reporting from 2012/13.
The final version is now available to purchase, in book and CD ROM formats:
You may also like to see some supporting documents.
