Issue - meetings

Committee’s approval was sought in relation to accounting policies that would apply in the preparation of the Statement of Accounts for 2021/22. 

The accounting policies adopted by the Council determined the accounting treatment that was applied to transactions during the financial year and in the preparation of the Statement of Accounts at the year end.  They determined the specific principles, bases, conventions, rules and practices that would be applied by the Council in preparing and presenting its financial statements.  The accounting policies were published within the Statement of Accounts document in accordance with the Code of Practice on Local Authority Accounting and incorporated the requirements of International Financial Reporting Standards (IFRS).

The approval of the accounting policies to be applied by the Council demonstrated that due consideration was being given to which policies to adopt and apply, and that those charged with governance were fully informed prior to the commencement of the Statement of Accounts preparation of the policies that were being adopted.

The accounting policies were set out at Appendix 1 to the report.

Moved by Councillor Chris Kane and seconded by Councillor Graham Parkin

RESOLVED that the accounting policies as detailed at Appendix 1 to the report be approved.