Where there is no specific guidance in the CIPFA code, we have developed our own accounting policy which is aimed at creating information which is:
- relevant to the decision-making needs of users
- reliable, in that the financial statements:
- represent faithfully the financial position, financial performance and cash flows of the entity
- reflect the economic substance of transactions, other events and conditions and not merely the legal form
- are neutral (free from bias)
- are prudent
- are complete in all material respects
The attached documents outline how we account for all income, expenditure, assets and liabilities held and incurred during the financial year. Our accounting policies are updated annually to reflect any changes in IFRS, including changes in International Public Sector Accounting Standards (IPSAS), HM Treasury guidance, CIPFA guidance or any other change in statue, guidance or framework impacting on our accounts.
Our accounting policies as far as possible have been developed to ensure that our accounts are understandable, relevant, free from material error or misstatement, reliable and comparable.
Key controls and responsibilities in respect of the accounting policies are set out in our financial regulations.
A glossary of terms is also attached.