Code of Practice on Local Authority Accounting in the United Kingdom 2020/21 (hard copy)

Code of Practice 2020/21 cover

Summary

Available now for pre-order – publication date April 2020.

This code is prepared under International Financial Reporting Standards (IFRS), which have been adopted as the basis for public sector accounting in the UK. The 2020/21 Code has been developed by CIPFA/LASAAC and has effect for financial years commencing on or after 1 April 2020.

Format

Book

Published

Apr 2020

Author

CIPFA

£346.00

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Local authorities in the UK are required to keep their accounts in accordance with 'proper (accounting) practices'. Public sector organisations responsible for locally delivered services are required by legislation to comply with the terms of the Code of Practice on Local Authority Accounting in the United Kingdom (the Code). This 2020/21 edition of the Code has been developed by CIPFA/LASAAC and has effect for financial years commencing on or after 1 April 2020.

The Code specifies the principles and practices of accounting required to prepare financial statements which give a true and fair view of the financial position and transactions of a local authority.

This edition of the Code introduces a number of important amendments relating both to context and an understanding of requirements. Changes include:

  • Implementation of IFRS 16 Leases requirements as adapted for local government and the public sector, including a wholly revised section 4.2 and consequent amendments to other sections of the Code. These include government and non-government grants; presentation of financial statements; property, plant and equipment; service concession arrangements; investment property; and heritage assets.
  • Implementation and emphasis of IFRS amendments relating to the application of materiality, and the requirement to avoid obscuring material information.
  • Implementation of Amendments to IAS 19 – Plan Amendment, Curtailment or Settlement; with guidance on initial proxy assessment of quantitative materiality
  • Legislative amendments for England, Wales and Scotland
  • Amendments to reporting by pension funds to align with presentation practices under the Pensions SORP
  • Amendments relating to financial instruments
  • The Code applies to local government organisations across the UK including local authorities, police bodies, fire services and other local public service bodies.

The Code applies to local government organisations across the UK including local authorities, police bodies, fire services and other local public service bodies.

The Code is available in hard copy and online.

The digital, online version is available as both searchable HTML and a bookmarked downloadable PDF of the publication that can be shared throughout your organisation.

Details of licensing arrangements for other categories of purchaser, which includes those organisations operating shared service arrangements, are available from CIPFA's Publications Department.