Responding to COVID-19: insight, support and guidance
The 2022/23 Code will apply to accounting periods starting on or after 1 April 2022. The proposed amendments in the 2022/23 Code cover changes relating to the implementation of IFRS 16 Leases and changes in accounting standards on which CIPFA/LASAAC wishes to seek stakeholders' views.
Note: the consultation closes on 11 October 2021.
The changes and feedback requested in the invitation to comment (ITC) for the 2022/23 Code relate to the following:
Implementation of IFRS 16 Leases in the 2022/23 Code
CIPFA/LASAAC consulted on the implementation plans for IFRS 16 in 2018, 2019 and 2020. CIPFA/LASAAC is aware of the need for authorities to continue with preparations for successful implementation of the new requirements during 2022. To inform and support this, the text agreed by CIPFA/LASAAC for IFRS 16 implementation was provided as Appendix F to the 2020/21 and 2021/22 Codes. This text may by subject to change by the issues outlined above; for completeness Appendix F is included below. The ITC does not specifically re-expose the proposals to consultation (other than the issues outlined above).
The exposure draft of the 2022/23 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
Exposure drafts (EDs)
Note: the exposure drafts are titled to correspond to the ITC section format. There is no exposure draft C.
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 2022/23 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.
Responses to the consultation can be by letter or email or by completing a web survey (which will be published and linked to from this page in early September). Respondents are encouraged to respond using the web survey, which will aid analysis and speed up the development of the revised Code.