To consider a report of the Executive Member for Finance and Corporate Director, Finance and Systems.

The Deputy Director of Finance introduced a report of the Executive Member for Finance and the Corporate Director of Finance and Systems which explained the accounting concepts and policies which would be used in  preparing the 2018/19 annual accounts. Members noted that the two most significant changes, stemming from updates to International Financial Reporting Standards (IFRS), related to the treatment of Financial Instruments (IFRS9) and the presentation of Revenue from Contracts with Customers (IFRS 15). In respect of IFRS9, this would impact on the valuation basis of a number of financial assets (e.g. treasury management investments, loans to third parties and any equity shareholdings) and how any changes in future valuations would be accounted for.

RESOLVED – That approval be given to the accounting concepts and policies that would be used in completing the 2018/19 annual accounts.