Decision details

The Director of Resources submitted a report seeking endorsement of the Accounting Policies to be used in producing the Financial Statements for the council for the 2020/21 financial year.

The Accounts and Audit (England) Regulations 2015 required local authorities to prepare their annual financial statement of accounts in accordance with ‘proper accounting practice’. These policies are the principles, bases, conventions, rules and practices applied by the local authority that specify how the effects of transactions and other events are to be reflected in its financial statements.

A review of the Council’s accounting practices had been conducted to ensure it was in line with the requirements, and no major changes had been identified.

The introduction of the new International Financial Reporting Standard (IFRS) 16 relating to leases had been delayed and would not therefore impact upon reporting for the forthcoming year-end.

RESOLVED THAT COMMITTEE:

Endorse the use of the policies as outlined in the report, subject to the need for any further changes required by the External Auditors or identified as needed whilst the Statement of Accounts are produced.