The 2019/20 Code will apply to accounting periods starting on or after 1 April 2019. The proposed amendments in the 2019/20 Code cover changes in accounting standards and other issues on which CIPFA/LASAAC wishes to seek interested parties' views.
Note: the consultation closes on 8 October 2018.
Issues considered in the consultation
The changes being proposed in the Invitation to Comment (ITC) are as follows:
The consultation papers include other areas which CIPFA/LASAAC wishes to see the views of interested parties including group accounts, employee benefits, service concession arrangements (PFI/PPP arrangements) and complex financial instruments.
Note that this is the second of two consultations on the 2019/20 Code. The consultation on IFRS 16 Leases represents a fundamental change to accounting for leases for local authorities. Interested parties are encouraged to respond to that consultation.
Streamlining and Simplification of the Presentation of Local Authority Financial Statements
CIPFA is also interested in any commentaries that interested parties might have on the streamlining and simplification of local authority financial statements. Including consideration of how local authority financial statements clearly demonstrate the key messages in the statements and ensure that these messages are accessible and engage users and other key stakeholders. Please add any commentaries you might have on streamlining and simplification to the response sheet.
The Invitation to Comment (ITC) and exposure drafts of the 2019/20 Code
The Exposure Draft of the 2019/20 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 on the 2019/20 Code
Appendix A to the ITC – Annual Improvements to IFRS Standards 2014 – 2016 Cycle
Appendix B to the ITC – Annual Improvements to IFRS Standards 2015 – 2017 Cycle
Exposure drafts (EDs)
ED A Narrow Scope Amendments to IFRS
ED B Legislative and Policy Changes
ED C IFRS Conceptual Framework for Financial Reporting
ED D Guidance on the Approach to Drafting the Code Provisions
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 2019/20 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.