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

The Executive Member for Finance and Governance and Director of Finance and Systems submitted a report which explained the accounting concepts and policies that would be used in preparing the 2021/22 annual accounts, it being noted that there were no material changes to the Accounting Policies for 2021/22. The report was made annually to the Committee, and was designed to secure the identification and deployment of best practice. Members were asked to note in particular the position in relation to IFRS 16 on leasing arrangements, and on requirements in relation to the valuation of assets.

            RESOLVED -

(1)       That the accounting concepts and policies that will be used in completing the 2021/22 annual accounts be approved.

(2)       That the changes in accounting standards issued but not yet adopted until 2022/23 in respect of accounting for leases be noted.

(3)       That the potential for changes to the accounting policies for 2021/22, pending the outcome of the emergency consultation on amendments to the Accounting Code, be noted.