The Chartered Institute of Public Finance & Accountancy (CIPFA) has updated its publication which aims at helping CFOs and other senior staff to present local authority financial statements in a way that provides clear information for members and other key stakeholders.
The publication entitled ‘How to tell the story’ was first published in 2008, but it was updated this year following a consultation in partnership with the Local Authority (Scotland) Accounts Advisory Committee (LASAAC) where respondents called for a new version.
‘How to tell the story’ aims is to assist preparers of local authority financial statements so that the main messages of their financial statements are not lost in the detail required by IFRS. It focuses on how clarity can be improved in four specific areas:
- Comparisons with budgets;
- General Fund and HRA performance;
- Reserves position;
- And cash flows.
Full publication is available here: How to tell the story