Local Authorities

The ASB will consider a final draft of the 2009 Code of Practice for Local Authority Accounting in May. This is the last SORP that will be prepared under the ASB’s SORP regime and it will apply for local authorities’ 2009-10 accounts. The main developments are in respect of accounting for PFI schemes and similar arrangements and accounting for property taxes.

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 (FRAB).

The CIPFA website 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 the summer of 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.

Registered Social Landlords

The RSL SORP Working Party is consulting on a number of issues as part of its work to oversee the development on the next SORP, which is likely to be published in 2010. Following a consultation on Component Accounting, there are currently three consultation papers out for comment. These are on impairment; business combinations (mergers and acquisition accounting); and the treatment of goodwill and intangibles on acquisition (negative goodwill). Comments are invited as soon as possible but no later than Wednesday 6 May.

Further information, including copies of the consultation papers, is available on the National Housing Federation website.

People

Peter Chidgey and Peter Holgate were reappointed to the Urgent Issues Task Force (UITF) for a further term, and Andrew Baigent and Professor Richard Laughlin were reappointed to the Committee on Accounting for Publicbenefit Entities (CAPE) for a further term.

On the staff side, Board Secretary and Project Director Simon Peerless has retired, with fellow Project Director Peter Godsall taking over the reins on the Secretary’s duties.