Issue - meetings
Statement of Accounts 2020/21
Meeting: 28/04/2022 - Audit and Governance Committee (Item 135)
135 Draft Accounting Policies 2021/22 
PDF 55 KB
Purpose
This report presents the accounting policies to be included in the 2021/22 Statement of Accounts. This provides Members with the opportunity to review and approve the policies in advance of the preparation of the Statement of Accounts 2021/22. Approving the accounting policies in advance of preparation of the accounts represents best practice.
Recommendation
It is recommended that:
a) The Audit Committee considers and approves the accounting policies for 2021/22.
Additional documents:
- Annex A Draft Accounting Policies 202122, item 135
PDF 469 KB
- Webcast for Draft Accounting Policies 2021/22
Minutes:
The Deputy Chief Executive started by explaining that it was good practice for the Committee to review the Council’s Accounting Policies when the accountants were preparing the statements for the 2021/2022. The proposed changes to the Accounting Policies were highlighted within the document for consideration.
The Chair asked for 2 minor text corrections to be made to paragraphs (ix) Post- Employment Benefits & (ix) Financial Instruments, and the Officer confirmed these amendments would be made.
The Committee queried the Statutory Provision cease date of 31st March 2023, and the Deputy Chief Executive confirmed this date was specified by the Department of Levelling Up.
The Committee queried how heritage assets with a recognised value are accounted for if they are accidentally damaged, and the Deputy Chief Executive confirmed that if an item was ‘impaired’ (damaged) it would be revalued.
The Committee queried whether Green Bonds were considered a financial instrument, and the Officer confirmed that they were.
RESOLVED: That the Committee approved the Accounting Policies 2021/2022
Voting Record - For 6, Against 0, Abstentions 0, Absent 1