Please Note: This consultation closed on Friday 13 September 2013.
The Project Implementation Steering Group (PISG) has released the draft Code of Practice on Transport Infrastructure Assets (Transport Code) and associated Invitation to Comment for public consultation.
The Transport Code was published in 2010 and since that time has been used to provide information for the Whole of Government Accounts (WGA) and to support asset management. The Transport Code is based on the principle that the same data should be used for asset management, financial management and financial reporting, with the more effective management of assets being the key driver. The PISG, which is responsible for the development and implementation of the Transport Code, have reviewed and updated the Code in the light of experience of practitioners since the original publication. The aim is also to reinforce the links with the Code of Practice on Local Authority Accounting (Accounting Code) and provide more clarity on financial reporting practicalities.
This consultation seeks views on the proposed changes, with a view to publishing the revised Transport Code in Autumn 2013 subject to compliance with CIPFA's usual corporate governance processes.
CIPFA/LASAAC has issued an Invitation to Comment on its proposals to adopt in the 2015/16 Accounting Code the measurement requirements of the CIPFA Code of Practice on Transport Infrastructure Assets (Accounting Code) (ie Depreciated Replacement Cost (DRC)) for transport infrastructure assets. The proposals also consider options for an approach to a “dry run” on the provision of DRC information in the 2014/15 Accounting Code.
The Invitation to Comment on the Code of Practice on Transport Infrastructure Assets summarises the key proposed changes to the Code. Where PISG is interested in specific issues, consultation questions have been included in the ITC. However, PISG welcomes comments on any aspect of the draft Transport Code. The relevant documents are available as follows (and can be downloaded below):
Respondents are asked to use the this ITC Response Sheet to respond to the consultation to speed up the analysis.