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’.
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CIPFA, the Chartered Institute of Public Finance and Accountancy, is the professional body for people in public finance. Our 14,000 members work throughout the public services, in national audit agencies, in major accountancy firms, and in other bodies where public money needs to be effectively and efficiently managed. As the world’s only professional accountancy body to specialise in public services, CIPFA’s portfolio of qualifications are the foundation for a career in public finance. They include the benchmark professional qualification for public sector accountants as well as a postgraduate diploma for people already working in leadership positions. They are taught by our in-house CIPFA Education and Training Centre as well as other places of learning around the world. We also champion high performance in public services, translating our experience and insight into clear advice and practical services. They include information and guidance, courses and conferences, property and asset management solutions, consultancy and interim people for a range of public sector clients. Globally, CIPFA shows the way in public finance by standing up for sound public financial management and good governance. We work with donors, partner governments, accountancy bodies and the public sector around the world to advance public finance and support better public services.