Code Of Practice On Local Authority Accounting In The United Kingdom: Guidance Notes For 2024/25 Accounts (print)

This is the print version of the publication. It is also available as a PDF that can be downloaded and shared throughout your organisation. Customers will need to register and log in to CIPFA's website to access the publication.

This year's edition of the Guidance Notes provides detailed guidance on the key accounting changes introduced by the Code of Practice on Local Authority Accounting in the United Kingdom 2024/25 (the Code).

The key accounting changes in this edition of the Guidance Notes include:

• Confirmation in Module 1 Appendix B of the New or Amended Standards introduced in the 2024/25 Code.
• Updates are included within Modules 2, 3, 4 and 9 for the mandatory implementation of IFRS 16 Leases. Detailed information in Module 4 follows previous guidance produced by CIPFA during transitional arrangements. IFRS 16 is mandatory from 2024/25 and therefore all guidance has been updated to reflect this.
• Module 3 has been updated to reflect the requirement within the narrative report to include consideration of Section 114.
• Legislation changes for Dedicated Schools Grant have been updated in Module 3.
• The example financial statements in Section A of Module 3 have been updated to include relevant transactions for group accounts. The notes to the accounts have been updated for IFRS 16 and heritage assets presentation.
• Module 6 includes a new flow chart for determining the asset ceiling.
• Module 8 has been updated to reflect the latest equal pay legislation in Scotland.