The Chartered Institute of Public Finance and Accountancy (CIPFA) has today launched a set of discussion papers which are poised to fundamentally alter local government financial reporting in the UK.
Current reporting regulations, set through the Accounting Code of Practice, require all public bodies to comply with a suite of International Financial Reporting Standards. However, the discussion papers launched today explore how financial reporting could be improved, and whether accounts can be made scalable through a differential reporting framework.
This would mean that public bodies could provide annual accounts which are appropriate to the size and nature of their organisation.
“The changes CIPFA/LASAAC are putting up for discussion could revolutionise and streamline financial reporting for many authorities, allowing them to deliver transparent, user-friendly and more efficient accounts.
“This is all the more timely as the Redmond Review begins to gather pace. We encourage all of our stakeholders to continue to engage with us as we take these ideas forward.”
The papers also explore how reporting could be done differently for issues including pension liabilities, capital assets and group accounts.
Launched in partnership with the Local Authority (Scotland) Accounts Advisory Committee (LASAAC), the papers continue a period of extensive consultation with stakeholders around the Code of Practice. Stakeholders are invited to submit further thoughts and comments by 4 November.
For further information please contact the CIPFA press office on T: 020 7543 5737 or E: firstname.lastname@example.org
CIPFA, the Chartered Institute of Public Finance and Accountancy, is the professional body for people in public finance. CIPFA leads the way in public finance globally, standing up for sound public financial management and good governance around the world as the leading commentator on managing and accounting for public money.