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This publication provides guidance on the application of financial instruments, including recognition, measurement, treatment of gains and losses, derecognition and presentation, and disclosure in financial statements.
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Although changes will not have an effect until the 2018/19 financial statements, CIPFA/LASAAC consulted in the summer of 2016 on amendments to the Code of Practice on Local Authority Accounting for IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers.
The Standards are expected to have a potentially significant practical and financial effect for local authorities, and it was considered that early notice of the technical requirements was advisable.
Consequently, a separate publication Forthcoming Provisions for IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers in the Code of Practice on Local Authority Accounting in the United Kingdom 2018/19 was issued in April 2017 as a companion publication to the 2017/18 Code.
This publication provides guidance on the application of the financial instruments aspects of the Forthcoming Provisions publication.
It will be of wide interest because of the probability that the changes will have a budgetary impact as it becomes more common for gains and losses on investments to be charged to revenue as they arise and because the calculation of impairment losses for debtor balances will be more forward looking.
This guidance provides comprehensive coverage of the requirements of the Forthcoming Provisions publication, including recognition, measurement, treatment of gains and losses, derecognition and presentation, and disclosure in the financial statements.
However, the guidance covers in particular:
• the new classifications for financial assets and their accounting implications for measurement of fair value and the recognition of gains and losses
• the impact of the change to an expected losses approach to impairment of financial assets (covering all types of investments and debtors)
• the mechanics of making the transition in the 2018/19 financial statements (including the application of transitional provisions and the preparation of relevant disclosure notes).
Each of these areas is supported fully by practical tips, worked examples and illustrations.
This publication is only available online as a bookmarked downloadable PDF 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 Local Authority Accounting in the United Kingdom 2017/18