Two vital and widely anticipated documents for local authority accountants are soon to be published by the Chartered Institute of Public Finance and Accountancy (CIPFA).
The Service Reporting Code of Practice for Local Authorities 2011/12, (SeRCOP) is due for release at the end of November 2010. SeRCOP was previously known as the Best Value Accounting Code of Practice (BVACOP) but has been renamed to emphasise the developing role the Code will play in delivering the UK Government’s transparency agenda.
SeRCOP establishes proper practices with regard to consistent financial reporting for local authority services. It is an official CIPFA statement and all local authorities in the United Kingdom are expected to adopt its mandatory requirements and detailed recommendations. It applies to all UK council budgets from 1 April 2011 for preparation of 2011/12 budgets, performance indicators and financial statements.
The Code of Practice on Local Authority Accounting in the United Kingdom: Guidance Notes for Practitioners – 2010 /2011 Accounts is due for release in December 2010. These are guidance notes to support the IFRS* Code of Practice and will enable all local authority accountants to prepare year end financial statements which are compliant with IFRS.
* IFRS - International Financial Reporting Standards
Laura Deery, CIPFA’s Technical Manager for Local Authority Accounting said:
‘The IFRS Code Guidance notes are an essential tool for use by practitioners to successfully implement the 2010/11 based Code of Practice, whilst SeRCOP especially will support efforts to meet the Government’s transparency agenda’.
To order your copies visit the CIPFA shop at: www.cipfa.org.uk/shop
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