Responding to COVID-19: insight, support and guidance
The 2021/22 Code will apply to accounting periods starting on or after 1 April 2021. The proposed amendments in the 2021/22 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. CIPFA/LASAAC is also seeking views on the impact of the Redmond Review on financial reporting for local authorities and on its strategic plan.
Note: the consultation closes on 23 October 2020
Issues considered in the consultation
The changes and feedback requested in the Invitation to Comment (ITC) for the 2021/22 Code relate to the following:
Implementation of IFRS 16 Leases in the 2021/22 Code
CIPFA/LASAAC consulted on the implementation plans for IFRS 16 in both 2018 and 2019. CIPFA/LASAAC is aware of the need for authorities to continue with preparations for successful implementation of the new requirements during 2021. To inform and support this the text agreed by CIPFA/LASAAC for IFRS 16 implementation was provided as Appendix F to the 2020/21 Code. 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 Invitation to Comment (ITC) and exposure drafts of the 2021/22 Code
The Exposure Draft of the 2021/22 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 2021/22 Code
Exposure Drafts (EDs)
Exposure Draft B: The Adoption of Leases in the 2021/22 Code
Exposure Draft C: Amendments to Accounting Standards
Exposure Draft D: Augmentations to the Code’s Provisions
Note – the exposure drafts are titled to correspond to the ITC section format. There is no Exposure Draft A.
The agreed provisions on the adoption of IFRS 16 (included as Appendix F to the 2020/21 Code)
The Invitation to Comment also seeks views on:
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 2021/22 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.