Issue - meetings

To receive a report from the Deputy Chief Executive (S151) making recommendations for amendments to the Financial Regulations of the Authority, reflecting the forthcoming introduction of Internal Accounting Reporting Standard 16 (IFRS16) and update the Authority’s approval limits.

The Committee had before it a report * from the Deputy Chief Executive making recommendations for amendments to the Financial Regulations of the Authority, reflecting the forthcoming introduction of International Accounting Reporting Standard 16 (IFRS16) and updating the Authority’s approval limits.

The contents of the report were outlined with particular reference to the following:

·           There had been a need to make some minor amendments to reflecting the forthcoming introduction of International Accounting Reporting Standard 16 (IFRS) and update the Authority’s approval limits.

·           A review would be needed of all contracts and payments.

·           The new process would need to be embedded and accounting actions undertaken correctly and in accordance with these new international regulations.

Tracked changes were highlighted at the following sections:

·           3.3

·           5.1.13

·           5.1.17

·           5.1.23

·           6.6

·           13.0

·           Some tweaks to the glossary

·           Extra column in Appendix A

·           Wording which was no longer relevant was proposed to be removed.

Consideration was given to the following:

·           New arrangements regarding contracts which although unavoidable, the Committee was felt was unnecessarily over burdensome.

·           Old process still being referred to in the Financial Regulations because post Brexit guidance had still not been received.

·           Changes to the Financial Regulations would seem more meaningful when the draft accounts were received by the Committee in May.

Reason for the decision

Failure to comply with legislation could lead to non-compliance and potentially prosecution and claims for damages. Failing to review thresholds and procedures could lead to inefficient practices damaging value for money assessments.

Note: * Report previously circulated.