6 Accounting Policies

6.1 Overview

‘The Code of Practice on Local Authority Accounting in the United Kingdom: A Statement of Recommended Practice’ (the SORP) requires the Council to declare, in the form of accounting policies, how they treat specific items within the annual accounts.  These take account of current accounting concepts and standards.  There is some degree of choice over the policies and how they are implemented.  Through the managed audit approach External Audit certify that appropriate accounting policies have been established and applied.

6.2 Responsibility/Accountability

6.2.1 Council (click here for all responsibilities for the Council)

Approving the accounting policies recommended by the Section 151 Officer.

6.2.2 Section 151 Officer (click here for all responsibilities for Section 151 Officer)

Complying with the Statement of Recommended Practice.

Recommending accounting policies for approval by the Council.

Ensuring consistent application and awareness across the Council.

6.2.3 Business Unit Heads (click here for all responsibilities for Business Unit Heads)

Accountable to the relevant Cabinet Portfolio Member and Chief Executive for complying with the approved policies and ensuring that all their Officers are aware of and meet the requirements of the policies.

6.3 Policy

The Council will comply with the SORP.  The Statement of Accounting Policies can be found in the Annual Statement of Accounts.