Responding to COVID-19: insight, support and guidance
The 2018/19 Code will apply to accounting periods starting on or after 1 April 2018. The proposed amendments in the 2018/19 Code cover changes in accounting standards and other issues on which CIPFA/LASAAC wishes to seek interested parties' views.
Issues considered in the consultation
The changes being proposed in the Invitation to Comment (ITC) are as follows:
IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers
IFRS 9 replaces IAS 39 Financial Instruments: Recognition and Measurement. IFRS 15 replaces IAS 18 Revenue and IAS 11 Construction Contracts and their associated interpretations. Interested parties will be aware that CIPFA/LASAAC consulted on the approach to adoption of both IFRS 9 and IFRS 15 in the consultation on the 2017/18 Code. As a result CIPFA/LASAAC issued a separate publication to accompany the 2017/18 Code which sets out CIPFA/LASAAC’s agreed position on the approach to adoption.
The Invitation To Comment (ITC) and exposure drafts of the 2018/19 Code
The Exposure Draft of the 2018/19 Code is provided as a number of files. They are listed in numerical order and follow the order of the section in the ITC in which an issue is discussed, not the section of the Code itself.
Invitation to comment
Invitation to Comment (ITC) on the 2018/19 Code
Appendix A to the ITC - Summary of Disclosure Reliefs under ASC 606 Revenue from Contracts with Customers
Appendix B to the ITC - Annual Improvements to IFRS Standards 2014 – 2016 Cycle
Appendix C to the ITC – IFRS 16 Leases
ED 1 – Amendments to IAS 7 Statement of Cash Flows (Disclosure Initiative)
ED 2 – Annual Improvements to IFRS Standards 2014-2016 Cycle
ED 3 – Amendments for the Item 8 Credit and Item 8 Debit (General) Determination from 1 April 2017
The Invitation to Comment summarises the proposed changes to the Code. Where CIPFA/LASAAC is interested in specific issues, consultation questions have been included in the ITC. However, CIPFA/LASAAC welcomes comments on any aspect of the draft 2018/19 Code. In order to assess comments properly, respondents are asked to support comments with clear accounting and financial reporting reasons and, where applicable, preferred alternatives. Respondents are asked to use this response sheet to respond to the consultation and so speed up the analysis.