CIPFA LASAAC Local Authority Code Board

This board is responsible for preparing, maintaining, developing and issuing the Code of Practice on Local Authority Accounting for the United Kingdom.

From 2010/11 onwards, the Code has been based on International Financial Reporting Standards.

The board is a partnership between CIPFA (England, Northern Ireland and Wales) and the Local Authority (Scotland) Accounts Advisory Committee (LASAAC).

Contact cipfalasaac@cipfa.org with any queries about CIPFA/LASAAC.

Find out more by reading the CIPFA/LASAAC Terms of Reference and the sub-pages listed below:

What's going on?

Update to the 2018/19 Code: IFRS 9 Financial Instruments: Prepayment Features with Negative Compensation and other augmentations

CIPFA/LASAAC has issued an Update to the 2018/19 Code of Practice to provide transitional provisions for changes in accounting practices or treatment for modifications of exchanges of financial liabilities that do not result in derecognition which arise as a result of clarifications in IFRS 9 Financial Instruments: Prepayment Features with Negative Compensation (IASB October 2017) and minor augmentations to the provisions relating to exchanges between an existing borrower and lender.

The Update to the 2018/19 Code must be read in conjunction with the 2018/19 Code published by CIPFA in April 2018. The Update includes tracked changes to appropriate extracts of the 2018/19 Code with both new and amended paragraphs required to form the revised 2018/19 Code. The Update has been made available to purchasers of the 2018/19 Code.

Important Statement: Implementation of IFRS 16 to be deferred until 1 April 2020

CIPFA/LASAAC has issued the following statement following decisions taken at the meeting of the government's Financial Reporting Advisory Board (FRAB) on 22 November 2018.

Statement from the CIPFA/LASAAC Local Authority Accounting Code Board:Implementation of IFRS 16 Leases (PDF, 225KB)

CIPFA/LASAAC Vacancies on the Board

CIPFA/LASAAC has two vacancies on the Board ie an English local authority accounts preparer member and a local authority auditor. For more detail on the vacancies download the CIPFA/LASAAC Vacancy Recruitment April 2019 (PDF, 89KB).

CIPFA/LASAAC Clarification statement on contracts with LOBO clauses

CIPFA/LASAAC has issued the following statement on 15 May 2018: 

Clarification statement on contracts with LOBO clauses (PDF, 402KB)

Statement from CIPFA/LASAAC on the Adoption of IFRS 9

CIPFA/LASAAC has issued the following statement on 13 November 2017:

CIPFA/LASAAC Statement on the Adoption of IFRS 9 Financial Instruments (PDF, 66.8KB)

Important Statement from CIPFA/LASAAC on the Measurement of the Highways Network Asset

CIPFA/LASAAC has issued the following important statement on 10 March 2017:

Statement from CIPFA/LASAAC Local Authority Code Board on the Measurement of the Highways Network Asset (PDF, 212KB)


Articles

Sarah Sheen, Technical Manager-Local Government Reporting at CIPFA, published To have and to leasehold:accounting for leases in Public Finance on 5 September 2018. 

Alison Scott, former Head of Standards and Financial Reporting at CIPFA, published How to Make a Code of Practice in Public Finance on 28 March 2017.

The Chair of CIPFA/LASAAC, Lynn Pamment, and the Secretary, Sarah Sheen, published Council Accounting: A Shift from Rules to Principles in Public Finance.

Alison Scott, former Head of Standards and Financial Reporting at CIPFA, published Accounts Should Be of Interest to Local Taxpayers in the 4 June 2015 issue of Municipal Journal