Decision details

Review and approval of required changes in accounting policy and presentation in respect of the 2016-17 Statement of Accounts.

The committee received a report from the Principal Accountant (Technical & Financial Accounting) regarding the Annual Report and Statement of Accounts for the year ended 31 March 2017.

A representative from Ernst and Young opined the audit (although not yet completed) was of a high standard, no errors were found and complimented the engagement of council staff.

In response to members’ questions the Principal Accountant (Technical & Financial Accounting) said the following:

     i.        There had been no changes to the accounting policies but to the format of the Statement of Accounts. The Comprehensive Income and Expenditure Statement had been presented in line with the council’s portfolios.

    ii.        Assets referred to as surplus were not operational assets; this could be buildings which were currently empty as opposed to assets which had formally been declared for sale.

   iii.        Reserves referred to as ‘unusable’ was not a phrase specified by Central Government but arise as a result of accounting practice.

Resolved (unanimously):

     i.        To note the contents of the draft Statement of Accounts presented in Appendix 1 of the officer’s report and approve the accounting policies and treatments on which they are prepared.