The CIPFA/LASAAC Local Authority Accounting Code Board (CIPFA/LASAAC) has undertaken its first post implementation review of the full IFRS-based Code of Practice on Local Authority Accounting in the United Kingdom after the publication of the 2012/13 Code.
Call for Evidence
CIPFA/LASAAC is now focusing on the substantial changes made to the Code since that date (and where an appropriate period of bedding in has taken place) and is undertaking a post implementation review on three areas set out below. The objective of each post implementation review is to assess whether the relevant section of the Code (which adopts an accounting standard) works as intended and achieves its objectives.
CIPFA/LASAAC initiated this call for evidence on 20 December 2017.
2. This post implementation review is focusing on the augmentation of the Code’s provisions introduced to the 2013/14 Code as a result of the issue of IPSAS 32 Service Concession Arrangements. CIPFA/LASAAC is keen to receive comments from interested parties in relation the Code’s provisions on service concession arrangements (see section 4.3 of the Code). It is particularly interested in any comments on the ‘grant of the right to the operator’ (third party payment) model. The Code currently addresses this issue from a first principles basis. Note that the measurement of the service concession arrangement liability will be considered in CIPFA/LASAAC’s imminent consultation on IFRS 16 Leases.
**IFRS 10, IFRS 11, IFRS 12 and IAS 27 Separate Financial Statements, IAS 28 Interests in Associates and Joint Ventures.
CIPFA/LASAAC is keen to hear any comments that interested parties might have on chapter nine of the Code.
Please send your responses to E: email@example.com by 28 April 2018.