The proposals constitute a new Best Value Accounting Code of Practice intended to complement the existing SORP, or local authority accounting code of practice.Proposals include new definitions for total cost and corporate and democratic core costs.
Capital costs, it is suggested, should be included in total costs.Doug Sanders, chief accountant at West Sussex County Council, and a member of the CIPFA project committee on accounting for Best Value, said the proposals, if enacted, would require the re-allocation of existing costs.
Consultation on the proposals, drawn up by a joint CIPFA/LASAAC committee, will last until January 31.John Layton, chairman of the committee, said: 'This year's update includes a number of important changes. It is important that people find time to read and comment on the proposals.'
The new Best Value code is intended to ensure consistent financial reporting below statement of accounts level.Included in the draft proposals is a warning that it will no longer be tenable for local authorities to not charge depreciation to most assets. Policies on depreciation will have to be reviewed, a CIPFA statement said.
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