The 2020/21 Code will apply to accounting periods starting on or after 1 April 2020. The proposed amendments in the 2020/21 Code cover changes relating to clarity and streamlining, accounting standards and other issues on which CIPFA/LASAAC wishes to seek interested parties' views.
Note: the consultation closes on 27 September 2019.
Issues considered in the consultation
The changes and feedback requested in the Invitation to Comment (ITC) relate to the following:
Implementation of IFRS 16 Leases in the Code 20/21
CIPFA/LASAAC consulted on the implementation plans for IFRS 16 Leases in 2018. CIPFA/LASAAC is aware of the need for authorities to continue with preparations for successful implementation of the new requirements during 2019. To inform and support this the text approved by CIPFA/LASAAC for IFRS 16 Leases implementation is provided as an Appendix.
The ITC does not specifically re-expose the proposals to consultation.
The Invitation to Comment (ITC) and exposure drafts of the 2020/21 Code
The Exposure Draft of the 20120/21 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 2020/21 Code
Appendix A – Materiality and Disclosures
Appendix B – IFRS 16 Leases Implementation Text
Exposure Drafts (EDs)
ED A Clarity and Streamlining – Principles
ED C Accounting Standards
ED D Legislation Amendments
ED E Other Areas
Note – the exposure drafts are titled to correspond to the ITC section format. There is no Exposure Draft B.
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 2020/21 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.