Chartered Institute of Public Finance and Accountancy

Annual Code-setting Process

An outline of the annual Code-setting process

Stage 1
Each spring, the CIPFA/LASAAC Local Authority Code Board considers items for development of the Code, i.e. a year ahead of the year of application of any changes.

Stage 2
CIPFA/LASAAC prepares a draft Invitation to Comment (ITC) and a draft Exposure Draft Code, which is formally considered and commented on by the Financial Reporting Advisory Board (FRAB), before being finalised by the CIPFA/LASAAC Board.

Stage 3
CIPFA/LASAAC issues the Invitation to Comment (ITC) and Exposure Draft Code as consultation documents to local authorities and other interested organisations, for a minimum 8 week consultation period. Following the closure of the consultation period, the Board analyses responses and agrees the amendments to be made to the consultation Exposure draft Code. The Code CIPFA/LASAAC proposes to publish is considered by CIPFA’s Public Finance and Management Board (PFMB), the Local Authority (Scotland) Accounts Advisory Committee (LASAAC) and FRAB. CIPFA/LASAAC considers these comments and finalises the Code for publication.

Stage 4
The Board publishes the final version of the Code for use by local authorities.