Issue - meetings

The report of the Borough Treasurer and Head of Assets provides –

·        an update on the issues contained within the Audit Commission’s Final Accounts Memorandum;

·        progress to date on the implementation of International Financial Reporting Standard (IFRS) compliant accounts;

·        updated accounting policies, and

·        potential changes to how the Accounts are presented to Members for approval in the future.

The Committee is asked to note progress in respect of producing year-end accounts and to consider the impact of amended reporting requirements for the meeting of the Committee in June.

The report of the Borough Treasurer and Head of Assets provided the Committee with –

• An update on the issues contained within the Audit Commission’s Final Accounts memorandum;
• Progress to date on the implementation of International Financial Reporting Standard compliant accounts;
• Updated accounting policies; and
• Potential changes to the way in which the accounts were presented to members for approval in the future.

Under the present Account and Audit Regulations the Council’s draft unaudited accounts would be approved by the Committee before presentation for audit, and this would normally take place at the end of June.  The audited accounts would then be presented to the September meeting of the Committee for approval.

Under changed legislative proposals, there would be no requirement for the Committee to approve the accounts in advance of presentation for audit, but these would need to be approved by the S.151 Officer (Borough Treasurer and Head of Assets) prior to submission for audit.

If changes in legislation were not approved before June, the Committee would be asked to approve the accounts, as in previous years at its June Committee meeting.

It was noted that a training session on the new regulations would be arranged for Members later in the year.

RESOLVED:  (a)That progress be noted on preparations for producing the year-end accounts for 2010-2011; and

(b) That the impact of the amended reporting requirements for the June 2011 meeting be noted.