Provides accounting guidance on the new requirements in the 2016/17 Code of Practice on Local Authority Accounting in the United Kingdom (the Accounting Code), for authorities to measure their Highways Network Asset at current value from 1 April 2016.
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This accounting guidance reflects the decision taken by CIPFA/LASAAC to measure local authority Highways Network Asset (HNA) at Depreciated Replacement Cost and in accordance with the Code of Practice on the Highways Network Asset.
This publication exemplifies the specifications of the Accounting and Highways Codes where they relate specifically to the accounting requirements for the Highways Network Asset and is intended to supplement the Accounting Code by providing practical assistance to enable authorities to comply with those accounting requirements.
When combined with the updated Code of Practice on the Highways Network Asset and the associated Code of Practice on the Highways Network Asset: Guidance Notes, this publication will provide practitioners with the tools they need to effectively implement the new measurement and accounting requirements.
The overall aim of this publication is to assist practitioners in the preparation of financial statements, in so far as it relates to the Highways Network Asset. The guidance will enable authorities to:
This publication provides detailed illustrations including example journal entries, accounting policies and exemplification of the reporting requirements on transition.
To further assist practitioners, a comprehensive example showing the detailed journal entries required to establish the adjusted opening 1 April 2016 balances for the Highways Network Asset and the 2016/17 in-year transactions is provided. An example Property, Plant and Equipment note, Movement in Reserves Statement and Highways Network Asset note based on the information used in the comprehensive example is also provided in the publication.
This publication is only available as an online version.
It has both searchable HTML and a bookmarked downloadable PDF of the publication that can be shared throughout your organisation. Customers will need to register and login to CIPFA’s website to access the publication.
Details of licensing arrangements for other categories of purchaser, which includes those organisations operating shared service arrangements, are available from CIPFA’s Publications Department.
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Code of Practice on the Highways Network Asset (2016 Edition)
Code of Practice on the Highways Network Asset: Guidance Notes (2016 Edition)
Codes of practice
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