Responding to COVID-19: insight, support and guidance
Please note that this survey is now closed.
The Code of Practice on Local Authority Accounting in the United Kingdom (the Code) will adopt IFRS 9 Financial Instruments in the 2018/19 Code. In preparation for this, last year CIPFA/LASAAC consulted on the approach to adoption of the new standard as a part of the consultation on the 2017/18 Code. Following this consultation, CIPFA/LASAAC issued a separate publication* to accompany the 2017/18 Code which included the agreed provisions of IFRS 9 as they will be adopted in the 2018/19 Code. Please note these provisions cannot be adopted early.
As respondents to the consultation raised the issue of the impact of the IFRS 9 on General Fund balances as a result of the new classifications, CIPFA/LASAAC has sought the advice of CIPFA's Treasury and Capital Management Panel. For the Panel to have evidence with which to review the issue it is inviting those interested to fill out this Questionnaire on the Impact of the Classification of Financial Assets and the New Impairment Requirements under IFRS 9 Financial Instruments. The questionnaire also seeks views on the expected credit loss model.
The classification requirements for financial assets are included section 7.1.5 of the separate publication* and the impairment requirements are included in section 7.2.9. In order to complete the questionnaire respondents may also find it useful to use the the Flowchart on the classification of financial assets (and equity instruments) which is issued to accompany the questionnaire.
Responses to the questionnaire should be sent to firstname.lastname@example.org by 8 September 2017.
* Forthcoming Provisions for IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers in the Code of Practice on Local Authority Accounting in the United Kingdom 2018/19