Decision details

To note areas of significant judgement and approve any required changes in accounting policy.

The Committee received a report from the Principal Accountant (Technical & Financial Accounting) regarding the Audit and Accounts Regulation. From the 2017/18 financial year these regulations had changed the statutory timetable for the approval and audit of the Statement of Accounts.

The reported highlighted the significant changes in accounting policy and significant areas of accounting judgement in relation to the Statement of Accounts.

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

i.      The example of the draft revised expenditure and funding analysis was to show all the information of the report in one place. This should simplify the reading of the report and make it easier for discussion.

ii.     The 5% referenced in the rateable values across the life of previous valuation lists provided a broad percentage consistent with those used by Central Government and finding advisors in assessing the likely level of appeals.

iii.    Noted the Acting Independent Person comments on the Business Rate Appeals provision at the 5% level which he had deemed reasonable but agreed that it would be kept under review.

iv.    A report would be taken to the February meeting of the Civic Affairs Committee each year at which approval would be sought for any required changes in accounting policy and any expected significant areas of judgement would be highlighted.

Resolved (unanimously) to:

i.      Note and approve the proposed presentational changes, accounting policies and significant areas of accounting judgement in relation to the 2017/17 Statement of Accounts.