Agenda item

The Committee considered a report of the Corporate Director of Resources that provided a summary of the key accounting changes in the latest edition of the Code of Practice for Local Authority Accounting in the UK (the Code), applied to the 2014/15 accounts (for copy see file of Minutes).

The Assistant Finance Manager, Corporate Finance advised of the changes and highlighted the addition of a new appendix relating to the measurement of transport infrastructure assets.  This would move from historical costs to replacement costs and would help to improve the assets information.  The Committee were assured that the Assets team had already begun to look at this.

Councillor O Temple asked if this was a new way of valuing and was informed that in future a replacement cost for the road surface would be valued as opposed to the historical figure of building the road.  The Corporate Director, Resources advised that there were no budget implications.

Ms K Larkin-Bramley suggested that it would be beneficial to receive a presentation of this technical item in the future.

Resolved:-

That the report be noted.