Decision Maker: Audit Committee
Decision status: For Determination
Is Key decision?: No
Is subject to call in?: No
This report presents the proposed accounting
policies to be adopted for the 2019/20 year end and to be used in
the preparation of the Statement of Accounts for the financial year
ending 31st March 2020.
The Finance Lead Specialist (Section 151 Officer) presented a report outlining proposed accounting policies to be adopted for the 2019/20 financial year and to be used in the preparation of the Statement of Accounts for the financial year ending 31 March 2020. These had been prepared in line with the Chartered Institute of Public Finance and Accounting’s (CIPFA) Code of Practice on Local Authority Accounting in the UK 2019/20 (the Code). Adopting the proposed policies would support timely production of a high quality set of annual accounts.
The 2019/20 CIPFA Code of practice on Local Authority Accounting had only minor changes compared to 2018/19, none of which were judged to be material for the Council. However, the opportunity had been taken to update the policies to make the accounts more understandable by users. With this in mind, the policies had also been re-ordered to bring them more in line with the order of the notes to the accounts. The proposed account polices were attached at Appendix 1 to the report and did not depart from the provisions of the 2019/20 Code.
It was good practice to consider and adopt the accounting policies in advance of the production and approval of the draft accounts. By statute, preparation of draft accounts had come forward to 31 May following the relevant year end, for financial years 2017/18 onwards. At the same time, the audited statements needed to be published by 31 July following the relevant financial year end; the Council had successfully prepared the accounts to the new timetable.
The report drew attention to the fact that, during the year-end process, there might be changes required to the policies arising from changes in circumstances or updated guidance. These would be agreed with the Section 151 Officer and reported to Audit Committee alongside the final Statement of Accounts.
RESOLVED – That the accounting policies, as set out at Appendix 1 to the report, for the 2019/20 financial year and to be used in the preparation of the Statement of Accounts for the financial year ending 31 March 2020, be approved.
Report author: Claire Read
Publication date: 18/12/2019
Date of decision: 05/12/2019
Decided at meeting: 05/12/2019 - Audit Committee