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To support the implementation of the new measurement requirements for the Highways Network Asset, CIPFA is producing a series of briefings.
The first briefing focuses on the decisions made by the CIPFA/LASAAC Local Authority Accounting Board following their consultation on the Code of Practice on Local Authority Accounting in the United Kingdom 2016/17. It also includes the Technical Enquiry Service Frequently Asked Question which covers the applicability of the measurement requirements for district councils and the resources available to support the implementation process.
The second briefing covers the update to the Code of Practice on Transport Infrastructure Assets, which will now be known as the Code of Practice on the Highways Network Asset (the Highways Code), the definition of the Highways Network Asset, reporting requirements for 2015/16 and the Central Assurance Process.
The third briefing covers the publication of the new Code of Practice on the Highways Network Asset (the Highways Code), what the chief financial officer will need to consider in relation to the measurement requirements for the Highways Network Asset, commentaries on project implementation, and other guidance issued by CIPFA.
The fourth briefing covers the postponement of the introduction of the new measurement requirements for the Highways Network Asset until the 2017/18 financial statements (subject to the full confirmation of that decision at the March 2017 meeting of CIPFA/LASAAC). It also deals with the approach to implementation in 2017/18.
CIPFA/LASAAC has issued the following important statement on 10 March 2017:
Statement from the CIPFA/LASAAC Local Authority Code Board on the Measurement of the Highways Network Asset (PDF, 212 KB)
There are a number of supporting materials produced by the Highways Asset Management Finance Information Group (HAMFIG).
The Code of Practice on the Highways Network Asset (previously the Code of Practice on Transport Infrastructure Assets) provides guidance on asset management, financial management and reporting.
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 (PISG) 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 Highways Code (previously Transport Code) will also be used to report the assets on a current value basis in Whole of Government Accounts.
The changes to the new edition of the Code were not intended to change the principles or measurement processes within the Highways Code. However, some clarifications and refinements have been made. The changes to the Highways Code are intended to: