Statement of Accounts - 2010/11for the financial year ending 31st March 2011provides information about the expenditure and income of the Council's services for the year 2010/11 and the Council's assets and liabilities at the year end.
The accounts are based on the Code of Practice for Local Authority Accounting in the United Kingdom 2010. The 2010 Code has introduced substantial changes to some parts of the accounts, due to adoption of International Financial Reporting Standards (IFRS). IFRS is already applied to central government and large company accounts.
On first adopting IFRS, the comparative figures from previous years are re-worked as if the new rules had always applied.
The main changes due to IFRS are as follows:
- A new Statement – the Movement in Reserves Statement (MiRS) - summarises the movement in the General Fund Balance and other balances of the authority.
- A new category of property, “assets held for immediate sale” is introduced, and treated as a current asset
- “Investment properties” are redefined as those held only for income generation or capital appreciation, and they are now treated like treasury items.
- Vehicles financed by leases, which were previously treated as revenue items, are now brought on to the balance sheet.
- A few rented-in buildings are now brought on to the balance sheet.
- The reporting of grants in the accounts has changed, so that grants are shown as income as soon as there is no risk of having to repay the money.
The Core Statements within the accounts are:
- Movement in Reserves Statement
- Comprehensive Income and Expenditure Statement
- Balance Sheet
- Cash Flow Statement
The Statement of Accounts is audited by independent auditors, to ensure that it present a true and fair view of the financial position of the Council. Our external auditors are The Audit Commission.
:: more on accounts for the financial years 2002/03 to 2009/10
