Issue - meetings

Report by Head of Strategic Finance

Local Government Financial Statements are currently prepared in accordance with the CIPFA/LASAAC Code of Practice on Local Authority Accounting: A Statement of Recommended Practice (SORP).  Over the last few years there has been a gradual convergence within Local Government Financial Statements to International Financial Reporting Standards (IFRS).  The overall aim of CIPFA/LASACC was to achieve full compliance with IFRS within a reasonable timescale, possibly 2012/13.  That timescale has been brought forward by the UK Government, and Local Government now has to achieve full compliance with IFRS in its Financial Statements for the year 2010/11.

A report advising on progress with work being carried out to ensure compliance with International Financial Reporting Standards in the 2010/2011 Financial Statements was considered.

Decision

Noted the contents of the report.

(Reference: Report by Head of Strategic Finance dated 9 June 2010, submitted)