Threads / Local Authority Funding Reform / Local authority budget setting: mitigating the impact of fa…
Consultation Outcome Published 8 Nov 2018 Ministry of Housing, Communities and Local Government ↗ View on GOV.UK

Local authority budget setting: mitigating the impact of fair value movements on pooled investment funds

This consultation is seeking stakeholders’ views on potential mitigations to the introduction of IFRS9 Financial Instruments accounting standards.

Opened 25 Jul 2018
Closed 28 Sep 2018
Attachments
▤ Verbatim text from source document

From the 2018 to 2019 financial year, local authorities will be required to implement a new accounting standard: IFRS 9 Financial Instruments.

IFRS 9 updates the accounting treatment and risk disclosures to be included in financial statements by entities that hold financial instruments.

The sector has made representations to government claiming that some of the provisions in IFRS 9 Financial Instruments will have negative impacts. We are consulting on potential mitigations to those provisions.