Local Authority Capital, Hot Topics Workshops 2024
The autumn 2024 'Capital Hot Topics' series focused on a wide variety of frequently asked questions the network had received over the past year on the accounting for assets and capital. Topics covered by the FAQs included asset valuations and the role of the valuer, investment properties, capital financing in the Housing Revenue Account and considerations around what is, and is not, an attributable cost of an asset.
The series also reviewed the updated MRP guidance in England, the latest Scottish Finance Circulars impacting on capital, an update on infrastructure assets, with the afternoon session dedicated to the new leasing standard IFRS 16, covering the transitional arrangements for existing contracts containing the right to use an asset for a period of time, the impact of IFRS 16 on PFI/PPP liability remeasurement, a selection of leasing FAQs and the main considerations for budgeting, accounts closedown and ‘business as usual’ under the new standard.
A copy of the slides is included below for FAN subscriber access, along with a summary of paragraph cross-reference corrections in the 2024/25 Code (mainly in relation to the transition to IFRS 16).