PrintLocal Authority Transport Infrastructure Assets
Transport Infrastructure Assets Code – guidance to support asset management, financial management and reporting
In 2006 HM Treasury and the Department for Transport commissioned CIPFA to carry out a review of accounting, management and finance mechanisms for local authority transport infrastructure assets. Following consultation, the final review report was issued in 2008, and the Government’s response, which accepted the review’s findings and recommendations, was published in January 2009. To support implementation, the Government asked CIPFA to produce a new Code that would deliver robust, consistent financial information to support transport asset management, financial management and reporting.
Implementation is being overseen by a Project Implementation Steering Group which includes representatives of the UK Government and devolved administrations,local government,and national and local audit bodies. Detailed development work is being undertaken in collaboration with the Highways Asset Management Financial Information Group (HAMFIG) which includes local authority representatives from England, Scotland and Wales.
The code will also be used to report the assets on a current value basis in Whole of Government Accounts. HM Treasury has set a timetable for a gradual transition to reporting on this basis, starting with a limited, unaudited data submissions for 2009/10, building up to a full audited dry run in 2011/12 and the withdrawal of historic cost-based reporting from 2012/13.
The final version is now available to purchase - in both book and CD-ROM format. Please click on the links below to purchase your copies:
Code of Practice on Transport Infrastructure Assets: Guidance to Support Asset Management, Financial Management and Reporting (2010) (Book)
Code of Practice on Transport Infrastructure Assets: Guidance to Support Asset Management, Financial Management and Reporting (2010) (CD ROM)
Please note the following minor revision to Box 9.2 on page 93. This is to correct an inconsistency with paragraph 9.10.4 of the Code. Click here to download the pdf.