Issue - meetings

To review and agree the Accounting Policies for inclusion in the Financial Statements 2023/24 (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 asked the Governance and Audit Committee to review and agree the Accounting Policies for inclusion in the Financial Statements 2023/2024.

The Senior Finance Business Partner (PSPS) introduced the report which was presented to the Governance and Audit Committee on an annual basis. The following main points were raised:

• The Accounting Policies detailed specific principles applied by councils in the preparation and presentation of Financial Statements in accordance with CIPFA’s Code of Practice on Local Authority Accounting;
• The Accounting Policies for 2023/2024 were detailed at Appendix A, and the following points were highlighted:

o   Financial statements were prepared on an accruals basis, which recognised transactions when they occurred rather than when payment was received or made;

o   The Local Government Pension Scheme was accounted for as a defined benefits scheme; and

o   As a result of previous discussions held with auditors, the ‘Infrastructure Assets’ outlined on page 163 of the agenda pack, was included for completeness detailing the accounting treatment.

Members considered the report and made the following comments:

• Members were pleased that an accruals method was in use, as any non-compliance could be identified sooner.

• Pensions training was to be arranged for Committee members in due course.

AGREED:

That the Accounting Policies for 2023/24 at Appendix A be approved.