Issue - meetings

Review of Accounting Policies 2021/22

Meeting: 06/04/2022 - Accounts and Audit (Item 801)

801 Review of Accounting Policies 2021/22 pdf icon PDF 211 KB

Report of Director of Resources enclosed.

Minutes:

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 2021/22 financial year.

 

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

 

The report concluded that no major changes to The Code had been identified, so there were no material changes to the policies needed.

 

There had been an update to the delayed introduction of the new International Financial Reporting Standard (IFRS16) relating to leases. Whilst a further delay to its introduction was anticipated, there was much work being undertaken ready for its eventual introduction.

 

The policies reported may be subject to further changes should any be needed whilst the financial statements are being prepared. Such changes will be reported to committee with an explanation of the impact when the financial statements are presented to committee.

 

RESOLVED THAT COMMITTEE:

 

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