Source · Select Committees · Housing, Communities and Local Government Committee
Recommendation 11
11
Rejected
Paragraph: 57
Make the Accounting Code freely available to all local authority account users.
Recommendation
Through coordination with the Chartered Institute of Public Finance and Accountancy, the Department for Levelling Up, Housing and Communities must make the Accounting Code freely available to all possible users of local authority accounts before the next accounts production cycle for the year ended 31 March 2024. Once this has been achieved, the Department should set out its assessment of what else it can do to encourage the use of the Accounting Code as a central, authoritative, and accessible document that meets the needs of all possible users of local authority accounts.
Government Response Summary
The government states the Accounting Code is produced by an independent body (CIPFA) and local bodies receive funding for compliance. It does not commit to making the Code freely available by the recommended deadline of March 2024, but will consider what else can be done to encourage its use.
Paragraph Reference:
57
Government Response
Rejected
HM Government
Rejected
The Accounting Code is produced by CIPFA, an independent body which sets the principles and practices of accounting required to prepare financial statements which give a true and fair view of the financial position and transactions of a local authority. Chief Financial Officers in local authorities are responsible for ensuring they comply with the Accounting Code and all local bodies receive public funding which can be utilised to support the production and audit of their annual accounts in line with CIPFA’s Accounting Code. We accept it may be beneficial to consider what else can be done to encourage the use of the Accounting Code and will consider this alongside CIPFA as it takes steps to reform local authority financial reporting.