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Go to IFRS based Code of Practice on Local Authority Accounting in the United Kingdom for the latest information
Local authorities in the United Kingdom are required to keep their accounts in accordance with ‘proper practices’. This is defined, for the purposes of local government legislation, as meaning compliance with the terms of the Code of Practice on Local Authority Accounting in the United Kingdom.
The Code specifies the principles and practices of accounting required to prepare a Statement of Accounts which gives a true and fair view of the financial position and transactions of a local authority.
The Code is reviewed continuously and is normally updated annually. The 2014/15 Code has been developed by the CIPFA/LASAAC Local Authority Code Board and has effect for financial years commencing on or after 1 April 2014.
Following a consultation in August and September 2013, CIPFA/LASAAC issued the 2014/15 Code.
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Following the issue of its Addendum and New Appendix E to the 2014/15 Code in April 2014, CIPFA/LASAAC has decided to issue, on an exceptional basis an Update to the 2014/15 Code to include transitional provisions for non-current assets used by schools which might be required to be recognised in the financial statements as a result of the introduction of the accounting requirements of the new Appendix. This Update (the Update to the 2014/15 Code) applies for accounting periods on or after 1 April 2014.
The Update to the 2014/15 Code must be read in conjunction with the 2014/15 Code published by CIPFA in April 2014. The tracked changes to appropriate extracts of the 2014/15 Code include both new and amended paragraphs to form the Update to the 2014/15 Code.
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Note although the FRAB has agreed that the Update to the 2014/15 Code can be issued and the full approval process for the Update to the 2014/15 is complete the Statement from the Chair FRAB is not yet available. However, CIPFA consider that it is necessary to issue the Update to the 2014/15 Code as soon as possible. The Statement on the Update to the 2014/15 Code will be issued as soon as it is received by CIPFA.
Following a consultation in July to October 2014, CIPFA/LASAAC issued the 2015/16 Code.
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CIPFA/LASAAC has also issued informal comments on the amendments to the Code following the consultation process. Please note that this informal commentary does not form any part of the 2015/16 Code.
Technical Issues Note 15 (01) - The Code of Practice on Local Authority Accounting in the United Kingdom (the Code); Informal Commentary on the Amendments to the 2015/16 Code following Consultation
Under its governance framework CIPFA/LASAAC remains the accounting standard setter for local authorities. The Code also continues to be the authoritative source of accounting guidance for local authorities across the UK.
Download the CIPFA/LASAAC Constitution for the Board's terms of reference The Financial Reporting Advisory Board (FRAB), and the Memorandum of Understanding between FRAB bodies can be found on the HM Treasury’s website.