From:                                   Pitt, Joanne

Sent:                                    21 April 2020 12:01

To:                                        Pitt, Joanne

Subject:                                FW: Update on accounting requirements and reporting deadlines for 2019/20 7 April

 

 

From: Alison Dewhirst [mailto:cipfa@email.cipfa.org.uk]
Sent: 07 April 2020 17:41
To: Dewhirst, Alison <Alison.Dewhirst@cipfa.org>
Subject: Update on accounting requirements and reporting deadlines for 2019/20

 

 

Police and Fire Network
E-alert:

 

Changes to financial reporting deadlines for 2019/20 accounts (England)

 

MHCLG has today published The Accounts and Audit (Coronavirus) (Amendment) Regulations 2020 (SI 404/2020). The Regulations extend the statutory audit deadline for 2019/20 for all local public authorities in England, apart from health service bodies. They come into force on 30 April.

For PCCs, chief constables and fire and rescue authorities (FRAs), the publication date for audited accounts will move from 31 July 2020 to 30 November 2020.

 

To give local authorities (including PCCs, chief constables and FRAs) more flexibility, the requirement for the public inspection period to include the first 10 working days of June has been removed. Instead they must commence the public inspection period on or before the first working day of September 2020. This means that draft accounts must be approved by 31 August 2020 at the latest, however they may be approved earlier. There will be no requirement to wait for a common inspection period.

 

Authorities (including PCCs, chief constables and FRAs) must therefore publish the dates of their public inspection period this year. MHCLG recommend authorities provide public notice on their websites (where available) when the public inspection period would usually commence, explaining why they are departing from normal practice for 2020.

 

Note that the above amendments relate to England only. Regulatory dates in Wales and Scotland are on a different basis, however feedback from the regulators has indicated there is no requirement for them to amend the respective regulations as there is already flexibility to permit publication of accounts beyond the stated dates.

Revisions to 2019/20 financial reporting requirements

 

COVID-19 represents the greatest challenge faced by public services in a generation, placing local government, police and fire bodies under greater pressure than ever before.

 

Yesterday, CIPFA/LASAAC considered radical proposals to streamline the 2019/20 accounts, in an effort to alleviate the pressure on budget holders and finance teams that have been diverted from their normal duties.

 

However, from extensive discussions over the last week, it is clear that the proposed simplification and reduction proved unacceptable to regulators and auditors. Separately, HM Treasury has advised us that some of CIPFA’s proposals arguably might not provide the information still necessary for Whole of Government Accounts (WGA).

 

CIPFA has consistently been briefed by local government CFOs that the workload associated with minor changes only would outweigh any benefits for stretched finance teams. Therefore, in order to create certainty for both the preparers and auditors of accounts, the CIPFA/LASAAC Board has yesterday resolved that in the absence of regulator and audit support, the status quo position will hold for full application of the 2019/20 Code.

 

In acknowledging that, sadly, radical change is not possible on this occasion, CIPFA nonetheless encourages the application of local judgement on what disclosures should be made in order to alleviate organisational pressures.

 

Following the discussions at CIPFA/LASAAC a year-end Bulletin for 2019/20 will now be finalised in conjunction with the Local Authority Accounting Panel. FAN and the Police and Fire Network will provide further updates as soon as information is available.

 

 

 

Police and Fire Advisor

Alison Dewhirst
Advisor
+44 (0)1904 675 587 / 07769 673927
alison.dewhirst@cipfa.org

CIPFA | The Chartered Institute of Public Finance & Accountancy

 

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