Report of the Managing Director
The Managing Director submitted a report (previously circulated) to update Members on the accounting policies to be applied in the preparation of the 2020/21 Statement of Accounts.
It was reported that the Accounting Policies, appended to the submitted report, are defined in the CIPFA Code of Practice for Local Authority Accounting in the UK 2020/21 as the ‘specific principles, bases, conventions, rules and practices applied by an authority in preparing and presenting financial statements’.
The submitted report confirmed that the majority of the Accounting Policies used in the preparation of the 2019/20 Statement of Accounts remain appropriate.
RESOLVED – That the Accounting Policies be approved for their use in the preparation of the 2020/21 financial statements.