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.
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 Code is reviewed continuously and is normally updated annually. The 2012/13 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.
Following a consultation in August and September 2012 on the 2012/13 Code Update and the 2013/14 Code, CIPFA/LASAAC has issued the 2012/13 Code Update (which may be accessed below).
The Update to the 2012/13 Code of Practice on Local Authority Accounting in the United Kingdom (the Code)
The Update to the 2012/13 Code of Practice on Local Authority Accounting in the United Kingdom (the Code) is the second mid-year update to the Code. Like the 2012/13 Code, this Update (the 2012/13 Code Update) applies for accounting periods commencing on or after 1 April 2012.
The 2012/13 Code Update must be read in conjunction with the 2012/13 Code published by CIPFA in February 2012. The tracked changes to appropriate extracts of the 2012/13 Code include both new and amended paragraphs to form the 2012/13 Code Update.
Governance Framework to the Code
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.
Download the CIPFA/LASAAC Constitution for the Board’s terms of reference The Financial Reporting Advisory Board (FRAB), and the Memorandum of Understanding between FRAB bodies can be found on the HM Treasury’s website.