To review and agree the Accounting Policies for inclusion in the Financial Statements 2021/22 (report of the Deputy Chief Executive – Corporate Development (S151) enclosed).
Consideration was given to the report of the Deputy Chief Executive – Corporate Development (S151) which requested that the Committee review and agree the Accounting Policies for inclusion in the Financial Statements 2021/22.
The Accounting Policies were appended to the report at Appendix A. The polices were prepared in line with CIPFA’s Code of Practice on Local Authority Accounting 2021/22. It was good practice to consider and agree the accounting policies in advance of the production and approval of the draft accounts, and the report formed an annual review by the Governance and Audit Committee.
There had only been minor areas of change within the Code of Practice in 2021/22, none of which required amendments to be made to accounting policies.
Since Boston Borough Council became a shareholder of PSPS Ltd on 1 April 2021, the shares of assets, liabilities, income and expenditure that the authority was required to include within its Financial Statements, regarding the joint operation had reduced from 37% to 28%. This was reflected in the financial liabilities section of the accounting policies and would be fully disclosed in the joint operations note.
The release of the template accounting policies and disclosure notes was still being awaited from Link Asset Services. Once received, these would be reviewed against the draft accounting policies, and any required adjustments would be made.
The 2021/22 unaudited Financial Statements needed to be completed by 31 July 2022 and would be presented to the Committee when complete. The accounting policies would be included within the Statements, and any minor changes made during the Statements production process would be agreed with the S151 Officer and highlighted to the Committee on that date.
The following points were raised:
· Members asked why the Link template accounting policies had not yet been received.
o Officers responded that this was not unusual – they were normally received in March/April and officers would undertake the comparison when the templates arrived.
That, following review by the Committee, the Accounting Policies for 2021/22 at Appendix A be agreed.