IFRS: New CIPFA codes of practice published

CIPFA has published the first accounting codes of practice for local authorities to be based on International Financial Reporting Standards (IFRS).

The 2010/11 Code of Practice on Local Authority Accounting in the United Kingdom and the Best Value Accounting Code of Practice set out the accounting requirements for local authorities. The codes are based on IFRS, and signal the final phase of local authorities’ move to IFRS which began in 2007/08. From 2010/11, central government, local government and the health service will then for the first time be accounting on a consistent basis.

Paul Mason, Technical Manager at CIPFA said:

“These Codes provide the definitive guidance local authorities need to implement IFRS. Local authorities are making progress with the changes required, and the publication of theses codes will help them to complete the transition to IFRS as smoothly as possible.”

CIPFA has also published its 2009/10 Guidance Notes on the Code of Practice on Local Authority Accounting: Statement of Recommended Practice. The 2009 SORP included significant changes to accounting for PFI schemes as part of the phased introduction of IFRS, and the Guidance Notes provide detailed, practical advice to assist practitioners in implementing the new requirements in this complex and sensitive area.

View the codes on the CIPFA shop

ENDS

Contact: Guy Roberts/ Lindsay Machin / Chloe Forbes
CIPFA Press Office
t 020 7543 5712/5645/5787
e guy.roberts@cipfa.org.uk / lindsay.machin@cipfa.org.uk / chloe.forbes@cipfa.org.uk

Notes to Editors:
The Code of Practice on Local Authority Accounting in the United Kingdom sets out the main accounting requirements, whilst the Best Value Accounting Code of Practice aims to ensure that authorities report the costs of services on a consistent basis, both in public documents and in government returns.

About CIPFA

CIPFA, the Chartered Institute of Public Finance and Accountancy, is the professional body for people in public finance. Our 14,000 members work throughout the public services, in national audit agencies, in major accountancy firms, and in other bodies where public money needs to be effectively and efficiently managed. As the world’s only professional accountancy body to specialise in public services, CIPFA’s portfolio of qualifications are the foundation for a career in public finance. They include the benchmark professional qualification for public sector accountants as well as a postgraduate diploma for people already working in leadership positions.
They are taught by our in-house CIPFA Education and Training Centre as well as other places of learning around the world. We also champion high performance in public services, translating our experience and insight into clear advice and practical services. They include information and guidance, courses and conferences, property and asset management solutions, consultancy and interim people for a range of public sector clients.

Globally, CIPFA shows the way in public finance by standing up for sound public financial management and good governance. We work with donors, partner governments, accountancy bodies and the public sector around the world to advance public finance and support better public services.