CIPFA/LASAAC statement on Highways Network Asset Code

At its meeting on 8 March 2017, the CIPFA/LASAAC Code Board decided not to proceed with the introduction of the Code of Practice on the Highways Network Asset (CIPFA, 2016) into the financial reporting requirements for local authorities.

The board decided that, currently and in particular in the absence of central support for key elements of the valuation, the benefits are outweighed by the costs of implementation for local authorities. The board determined that it will give further consideration to this issue only if provided with clear evidence that benefits outweigh costs for local authorities.

The board recognises the work undertaken by accounts preparers, auditors and highways engineers in preparing for the planned changes and would encourage continued improvement of the management of the highways network asset through better inventory and cost information.

The CIPFA/LASAAC Local Authority Accounting Code Board is responsible for the development of the Code of Practice on Local Authority Accounting in the United Kingdom which specifies the financial reporting requirements for local authorities.