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IFRS-based code of practice for local authorities
As you will be aware, local authorities will complete the move Finally, there have been concerns that the move to IFRS
to International Financial Reporting Standards (IFRS)-based could impact on Council Tax and housing rents. CIPFA has
accounting on 1 April 2010, when the new IFRS-based Code of therefore had discussions with governments to ensure
Practice on Local Authority Accounting in the United Kingdom any impacts can be minimised, if not avoided. Initial
comes into force. considerations for the necessary measures are set out in the
CIPFA/LASAAC launched its consultation on the new code consultation and we anticipate that these will be in place in
in June. The closing date is 11 September after which CIPFA/ time for authorities to set their 2010/11 budgets. Because
LASAAC will approve the final version of the code ahead of its of the tight legislative timescales any further comments on
planned publication in early December. these measures are needed as soon as possible.
Every effort has been made to minimise the changes
involved in the transition to IFRS but inevitably some Contribute your views
differences remain. Areas affected include Property, Plant The transition to IFRS is one of the most important changes
and Equipment (previously called Tangible Assets); Leases; to local government financial reporting for a number of years.
Investment Property; Intangible Assets; Employee Benefits Please take the time to contribute your views and help us
and Group Accounts. The consultation gives details of these make this critical change a success.
and other changes. You can participate in shaping the code at
In addition, decisions have yet to be made in two areas www.cipfa.org.uk/pt/cipfalasaac/ifrs.cfm
– capitalisation of borrowing costs and accounting for CIPFA has issued a high-level project plan to assist
capital grants/contributions – and options are set out in the authorities with the transition available at
consultation. www.cipfa.org.uk/pt/pt_details_l.cfm?news_id=59848
New treasury management
qualification for the public
services
CIPFA and the Association of Corporate Treasurers (ACT) have
launched a new qualification which will provide invaluable skills in
treasury management for the public services.
The recent Icelandic bank failures have highlighted the
importance of ensuring that staff managing funds in the public
services are trained in all aspects of treasury management.
Significantly, one of the key recommendations of the Audit
Commission’s study into that failure was that ‘CIPFA should
continue to work with the Association of Corporate Treasurers to
develop appropriate training and a qualification.’ The development
of specialist skills within local authorities was also supported by the
Select Committee report on local authority investments.
The Certificate in International Treasury Management – CIPFA Northern Ireland
Public Finance (CertITM-PF) is the only qualification to provide a
conference 2009
fundamental understanding of all aspects of treasury management
for the public services from an international perspective. Tough times: delivering customer value
It is aimed at all professionals working, or aspiring to work, in in a challenging world
this expert field. The course will lead to a certified professional 24-25 September, Co Down
qualification and we expect it to quickly become the standard Speakers include Vince Cable, politician and ‘sage
qualification for public service treasury management roles. of the credit crunch’ and Lord Digby Jones, former
If you or a colleague are interested in the qualification or would Minister of State for Trade & Investment.
like more information please contact ACT on 020 7847 2540 or Book online at
visit www.treasurers.org/certitmpf www.cipfa.org.uk/ni/annual_conference.cfm
CIPFA | Spreadsheet magazine | AUGUST 2009 5
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