Local Authorities

CIPFA/LASAAC has published an Invitation to Comment and Exposure Draft for the 2009 Code of Practice for Local Authority Accounting in the UK. The main developments are in respect of accounting for PFI schemes and similar arrangements and accounting for council tax and national non-domestic rates.

A copy of the consultation is available on the CIPFA website at http://www. cipfa.org.uk/pt/cipfalasaac/consultation. cfm. The closing date for comments is 8 February 2009.

CIPFA/LASAAC is also taking forward work on developing an IFRS-based Code of Practice. This will apply from 2010- 11 and is being prepared under revised governance arrangements involving oversight by the Financial Reporting Advisory Board.

The CIPFA website at http://www.cipfa. org.uk/pt/cipfalasaac/ifrs.cfm shows the proposed structure of the IFRS-based Code and includes draft chapters, as approved by CIPFA/LASAAC. The website notes these drafts may change as the development of the Code progresses or following review by the FRAB. It also explains that CIPFA/ LASAAC will formally consult on the IFRS-based Code during spring /early summer 2009.

Charities

The Charity Commission and the Office of the Scottish Charity Regulator, as the joint SORP making body for the charity sector, are taking forward a research programme to learn from stakeholders how the next Charities SORP could better reflect their needs in reporting and accounting. Further information on the research programme is available on the Charity Commission website at http://www.charity-commission.gov.uk/investigations/sorp/comresearch.asp.

Registered Social Landlords

The RSL SORP Working Party is taking forward a programme of work for a proposed SORP update in 2010 and published a consultation paper ‘Component Accounting’ on 5 December.

A copy of the paper can be downloaded from the NHF website at: http://www. housing.org.uk/default.aspx?tabid=171& mid=835&ctl=Details&ArticleID=1843. Comments are requested by 23 January.

Investment trusts

At the end of January the Association of Investment Companies issued its revised SORP on the financial statements of investment trust companies and venture capital trusts.

People

Robert Overend has been reappointed to the Board for a second term. Chris Nunn stood down from the UITF at the end of December, and Una Curtis and Kathryn Cearns were reappointed to the UITF for a further term.