These Finance Advisory Network (FAN) Hot Topics workshops focused on the detailed accounting and reporting requirements in the 2016/17 Accounting Code for the Highways Network Asset (HNA), reviewing the practical application of the agreed principles that will apply uniquely to the HNA in local authority financial statements.
The workshops explored the accounting journals for the typical in-year transactions as well as the transitional arrangements for re-measuring the HNA from historical cost to replacement cost. The requirements to maintain historical cost memorandum records was discussed, and the key assurance issues were summarised with consideration of the nature of the HNA data and how the various tool kits arrive at the numbers for the accounts.
FAN hopes that early discussion of the accounting and assurance issues will assist practitioners in their preparations.
A briefing paper of the main discussion points and questions arising from the series will be uploaded to this page once agreed.
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