Stage 1
Each spring, the CIPFA/LASAAC Local Authority Code Board considers items for development of the code, ie a year ahead of the year any changes would be applied.
Stage 2
CIPFA/LASAAC prepares a draft Invitation to Comment (ITC) and a draft Exposure Draft Code, which is formally considered and commented on by the Financial Reporting Advisory Board (FRAB), before being finalised by the CIPFA/LASAAC Board.
Stage 3
CIPFA/LASAAC issues the invitation to comment (ITC) and Exposure Draft Code as consultation documents to local authorities and other interested organisations, for a minimum eight-week consultation period. Following the closure of the consultation period, the board analyses responses and agrees the amendments to be made to the consultation exposure draft code.
The Code CIPFA/LASAAC proposes to publish is considered by CIPFA’s Standards and Financial Reporting Board, the Local Authority (Scotland) Accounts Advisory Committee (LASAAC) and FRAB. CIPFA/LASAAC considers these comments and finalises the Code for publication.
Stage 4
The board publishes the final version of the code for use by local authorities.