Please note this page is for reference purposes.
Go to IFRS based Code of Practice on Local Authority Accounting in the United Kingdom the Code for the latest information.
Following a consultation (The Code of Practice on Local Authority Accounting in the United Kingdom 2011/12 Code Update and 2012/13 Code - Invitation to Comment) in August and September 2011 on the 2011/12 Code Update and the 2012/13 Code, CIPFA/LASAAC issued the 2011/12 Code Update (which may be accessed below) and approved the 2012/13 Code for publication.
The 2012/13 Code is now available to purchase at: Code of Practice on Local Authority Accounting in the United Kingdom 2012/13.
CIPFA/LASAAC has also issued informal comments on the amendments to the Code following the consultation process. Please note that this informal commentary does not form any part of the 2011/12 Code Update or the 2012/13 Code.
2011/12 Code of Practice on Local Authority Accounting in the United Kingdom (the Code) Update
The 2011/12 Code of Practice on Local Authority Accounting in the United Kingdom (the Code) Update is the first mid-year update to the Code. Like the 2011/12 Code, this Update (the 2011/12 Code Update) applies for accounting periods commencing on or after 1 April 2011.
The Code specifies the principles and practices of accounting required to prepare a Statement of Accounts which gives a true and fair view of the financial position and transactions of a local authority.
The 2011/12 Code Update must be read in conjunction with the 2011/12 Code published by CIPFA in February 2011. The tracked changes to appropriate extracts of the 2011/12 Code include both new and amended paragraphs to form the 2011/12 Code Update.
Download 2011-12 Code Update – Final with Tracked Amendments (PDF)
Informal comments on the amendments to the Code following the consultation process
CIPFA/LASAAC has issued informal comments on the amendments to the Code following the consultation process. This is available below. Please note that this informal commentary does not form any part of the 2011/12 Code Update or the 2012/13 Code.
Download Comments on Changes to the 2011-12 Code Update and 2012-13 Code
2012/13 Code of Practice on Local Authority Accounting in the United Kingdom (the Code)
The 2012/13 Code is the second full annual update of the Code since the International Financial Reporting Standards were adopted as the basis for public sector accounting in the UK. It also consolidates all the relevant amendments introduced in the 2011/12 Code Update. This Code has been developed by the CIPFA/LASAAC Local Authority Code Board and has effect for financial years commencing on or after 1 April 2012.
The Code specifies the principles and practices of accounting required to prepare a Statement of Accounts which gives a true and fair view of the financial position and transactions of a local authority.
For further details and to order your copies please visit Code of Practice on Local Authority Accounting in the United Kingdom 2012/13.
Governance Framework to the Code of Practice on Local Authority Accounting in the United Kingdom
Under its governance framework CIPFA/LASAAC remains the accounting standard setter for local authorities. The Code also continues to be the authoritative source of accounting guidance for local authorities across the UK. Please note that as indicated in the consultation on the 2011/12 Code Update and 2012/13 Code CIPFA/LASAAC has initiated a review which will seek views on whether or not its governance arrangements could be improved to continue to meet the needs of its stakeholders. If you have any comments on this issue please email customerservices@cipfa.org.
The terms of reference for CIPFA/LASAAC and the Financial Reporting Advisory Board (FRAB), and the Memorandum of Understanding between FRAB bodies can be found here.
The governance framework for the Code formalises a common accounting standards setting hierarchy across most of the UK public sector. At the top of the hierarchy is EU-adopted IFRS; next are International Public Sector Accounting Standards (IPSAS), followed by UK standards.
The IFRS-based Code of Practice on Local Authority Accounting in the UK is therefore based on the accounting standards issued by various standard setting bodies. Details of the international bodies, and the standards they approve, are given at International equivalents of UK standards.