25 November 2009
Source: LocalGov.co.uk ()

CIPFA realeases first new codes since Icelandic bank crisis


Arun Marsh

New investment codes and guidelines for local government have been released following the collapse of Icelandic banks which saw councils across the country lose millions of pounds.

Following consultation, the Chartered Institute of Public Finance and Accountancy (CIPFA) has published new guidelines strengthening specific areas in the treasury management code including the scrutiny role for those charged with governance, minimum reporting requirements and member training.

The three revised publications launched today: the treasury management code, the prudential code and guidance notes for local authorities on the treasury management code are the first CIPFA has produced since the crisis last year. 

The prudential code refocuses on capital planning and asset management and includes changes required following the move to International Financial Reporting Standards.
 
A further three publications are expected throughout December.

Alison Scott, assistant director, local government finance at CIPFA said: 'The revised codes have been strengthened and the qualification introduced to deliver a more confident and better trained treasury function with enhanced scrutiny by elected members'.

Councils are still counting the cost after depositing millions of pounds in banks such as Landsbanki and many are currently negotiating with administrators to see how much they can expect returned. 

The new CIPFA codes and guidance notes for local authorities are available here.



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