Issue - meetings

This report provides an update on timelines for the completion of Draft Statement of Accounts 2024/25.  It also sets out changes in Accounting Policies for 2024/25, and provides an outline of the changes to local audit system leadership and the establishment of a Local Audit Office.

Recommendation

       i.          To note the update in relation to the 2024/25 Statement of Accounts timeframes.

      ii.          To ratify the draft Accounting Policies for 2024/25 as approved by the Director of Finance as set out in Appendix 1.

     iii.          To note the changes with the Financial Reporting Council local audit system leadership and the establishment of a Local Audit Office.

The Chief Accountant introduced the report, outlining the accounting policies for 2024-2025. The officer highlighted the changes to the local audit system, including the establishment of a new Local Audit Office and the implications of recent regulatory changes. Key points include the revised statutory deadlines for the draft accounts, the approval process for the annual government statement, and the introduction of new accounting standards such as IFRS 16.

Councillor Tony Humphreys moved the recommendation as set out in the report.

On being put to the committee the motion was declared CARRIED by the Chair, the voting being by general assent.

RESOLVED:

1. To note the update in relation to the 2024/25 Statement of Accounts timeframes.

2. To ratify the draft Accounting Policies for 2024/25 as approved by the Director of Finance as set out in Appendix 1.

3. To note the changes with the Financial Reporting Council local audit system leadership and the establishment of a Local Audit Office.