The Code of Practice on Local Authority Accounting in the United Kingdom 2014/15 adopts
the group accounting principles based on IFRS 3 and the new IFRS standards and
amendment of related existing standards relative to Group Accounts. The new provisions
have effect in three areas;
A new definition of subsidiaries based on a remodelled control test (IFRS 10
Consolidated Financial Statements)
New classifications for joint operations and joint ventures (IFRS 11 Joint
Extended and revised disclosure requirements for group accounts (IFRS 12 Disclosure
of Interests in Other Entities)
The Code sets out the accounting requirements for collaborative arrangements and
additionally details the presentation and disclosure requirements.
Appendix 2 of this guidance provides practical scenarios for consideration of the application
of the Group Accounting Standards.
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