Webinar - Consultation on the Code of Practice on Local Authority Accounting in the United Kingdom
A webinar highlighting the key issues in the consultation on the Code of Practice on Local Authority Accounting can be accessed here.

Review of the Financial Reporting Advisory Board (FRAB)
Since 2010/11, oversight of the Code of Practice on Local Authority Accounting in the United Kingdom (the Code), published by CIPFA/LASAAC, has rested with the Financial Reporting Advisory Board (FRAB).

The FRAB's role is to promote the highest possible standards in financial reporting by Government and to help to ensure that any adaptations of, or departures from, GAAP are justified and properly explained.

As well as advising CIPFA/LASAAC on the Code, the FRAB was advises HM Treasury, Scottish Ministers, Welsh Assembly Government, Northern Ireland Assembly, Department of Health and Monitor on the Government Financial Reporting Manual (the FReM), the NHS Accounting Manuals and the Foundation Trust FReM respectively.

The Financial Reporting Advisory Board Review Group has launched a consultation on the future role, structure and operational arrangements of the FRAB.  As this will affect the oversight of the Code, CIPFA/LASAAC would encourage local authorities to respond to the consultation.  This can be found on the HM Treasury web site at: www.hm-treasury.gov.uk/consult_frab.htm

Latest Transitional Guidance issued [11 March 2010]
CIPFA is publishing the draft transitional guidance as it is developed. The latest sections (Benefits Payable During Employment and Accounting and Reporting by Pension Funds) were added on 11 March. Transitional guidance can be downloaded here.

IFRS-based Code of Practice on Local Authority Accounting Published [18 December 2009]
CIPFA/LASAAC has published the first IFRS-based Code of Practice on Local Authority Accounting, which will apply to in 2010/11. The Code can be purchased here.

IFRS-based Code of Practice on Local Authority Accounting Approved [2 November 2009]
At its meeting on 29 September 2009, CIPFA/LASAAC approved the first IFRS-based Code of Practice on Local Authority Accounting, which will apply to in 2010/11. The Code was subsequently reviewed by the Financial Reporting Advisory Board. A list of key changes from the Exposure Draft published for consultation can be found here.