Local Authority Capital, Hot Topics Workshops 2023
The autumn 2023 '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 the key principles of capitalisation of costs under proper accounting practice and statute, asset depreciation and components, asset valuations, capital disposals and income, and the capital financing requirement. The events also reviewed the latest position on matters linked to the Prudential Framework and capital aspects of the latest Code consultation, as well as discussing topical issues such as accounting for infrastructure assets. The main afternoon session focused on IFRS 16 Leases with a short technical summary of the main challenges and a review of key tasks required to be ready for implementation of the standard in April 2024. The final part of the day used the project plan set out in CIPFA Bulletin 14 as a checklist towards a successful transition and sought feedback on local authority readiness.
A copy of the slides and answers to the exercises from the events is included below for FAN subscriber access.