Issue - meetings

PRE-AUDIT 2014/15 FINANCIAL STATEMENTS

Meeting: 25/06/2015 - Governance and Audit Committee (Item 9)

9 Pre-Audit 2014/15 Financial Statements pdf icon PDF 84 KB

To present the pre-audit 2014/15 Financial Statements to the Committee for review and consideration, prior to the 30 June deadline, for the formal approval of the Accounts by the Section 151 Officer, before audit (report of the Executive Director Place (Section 151 Officer) enclosed)

Additional documents:

Minutes:

Consideration was given to the report of the Executive Director, Place, which presented the pre-audit 2014/15 Financial Statements to the Committee for review and consideration, prior to the 30 June deadline for the formal approval of the Accounts by the Section 151 Officer, before audit. 

 

The Accounts and Audit regulations 2011 required that:

 

·         The Responsible Financial Officer signed the un-audited statement of accounts no later than 30 June each year; and

·         The statement of accounts be considered and approved by a committee of the Council no later than 30 September each year

 

The Financial Statements production process was almost complete, and shown at Appendix A was the pre-audit version of the 2014/15 Statements (this included the Comprehensive Income and Expenditure Statement, the Movement in Reserves Statement, Cash Flow Statement and Balance Sheet as at 31 March 2015).

 

Overall, the disclosure requirements in the accounting Code of practice for the year were very similar to the previous year.  However, a small number of significant items, detailed below, were brought to members’ attention:

 

·         Change in Accounting Policy – International Financial Reporting Standard (IFRS 11) – Joint Arrangements

·         Significant Provisions at the Balance Sheet Date

·         Pension liabilities and assets

 

With regard to changes in accounting policy from 2014/15, councillors questioned how much extra this would cost.  They were advised that the change in the code didn’t alter how the Authority operated, it only changed how operations were disclosed in accounts.  Fundamentally, there was no cost to the Authority, the aim was to provide more clarity.

 

AGREED:

 

That the Pre-Audit 2014/15 Financial Statements be approved for approval by the Section 151 Officer.