Code Of Practice On Local Authority Accounting In The United Kingdom: Guidance Notes For 2021/22 Accounts

Code Guidance Notes 202122


These guidance notes offer constructive advice and assistance to practitioners and external auditors on all aspects of the detailed application and implementation of the Code of Practice on Local Authority Accounting in the United Kingdom 2021/22.

The guidance notes are your expert support in dealing practically with the preparation of the year-end financial statements and reports that accompany them.







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This publication is available as a downloadable PDF. Customers will need to register and log in to CIPFA's website to access the publication. It is also available in hard copy (presented as a loose-leaf update pack for your existing binder).

This year's edition of the Guidance Notes provides detailed guidance on the key accounting changes introduced by the Code of Practice on Local Authority Accounting in the United Kingdom 2021/22 (the Code), and includes:

  • Confirmation of the arrangements for the endorsement of standards arising because of the United Kingdom’s withdrawal from the European Union.
  • Confirmation of the accounting arrangements for the Dedicated Schools Grant as a consequence of the issue of the Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2020.
  • Amendments to Section 3.3 (Accounting Policies, Changes in Accounting Estimates and Errors) to confirm (but not introduce) the adaptation in Section 3.3 and Appendix C of the Code for standards issued but not yet adopted.
  • Augmentations to Section 3.4 (Presentation of Financial Statements) for the reporting of estimation uncertainty.
  • Amendments to Section 7.1 (Introduction etc) to confirm the replacement of IPSAS 29 Financial Instruments: Recognition and Measurement with IPSAS 41 Financial Instruments.
  • Confirmation in Sections 7.2 (Subsequent Measurement of Financial Assets and Financial Liabilities) and 7.3 (Financial Instruments – Disclosure and Presentation Requirements) of the reporting requirements of interest rate benchmark reform.
  • Confirmation in Appendix C (Changes in Accounting Policies: Disclosures in the 2020/21 and 2021/22 Financial Statements) of the transitional reporting requirements of the new standards introduced in the 2021/22 Code.
  • Confirmation in Appendix D (New or Amended Standards Introduced to the 2021/22 Code) of the new standards introduced to the 2021/22 Code.

The example financial statements have been updated to reflect the changes described above.

In addition, these guidance notes have been revised to take account of issues arising from queries raised by practitioners.

This publication is available in hard copy (presented as a loose-leaf update pack for your existing binder) and as a downloadable PDF.

replacement binder/presentation box is also available to purchase.

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