Local authority accounting requirements not being simplifed in light of COVID-19 pressure

The CIPFA/LASAAC Local Authority Code Board considered proposals to replace the 2019/20 Accounting Code with a simplified version in order the ease the burden on practitioners as they respond to the ongoing coronavirus (COVID-19) emergency.

However, after extensive discussions over the last week, it has become clear that the simplification and reduction proposed is not acceptable to regulators and auditors. Separately, HM Treasury has advised that some of CIPFA’s proposals might not provide the information still necessary for whole of government accounts (WGA).

The full CIPFA/LASAAC statement can be read here.