WebConnect

Financial Reporting Guidance

Code of Practice on Transport Infrastructure Assets: Guidance to Support Asset Management, Financial Management and Reporting (2010)

Click here to access the Code of Practice on Transport Infrastructure Assets. This new Code of Practice from CIPFA provides guidance on the development and use of financial information to support asset management, financial management and reporting of local highways infrastructure assets. It has been prepared at the request of the Government and implements a key recommendation from the CIPFA review of local authority transport assets which reported in 2008.

Primary users will be finance staff responsible for highways’ financial management, corporate budgeting and financial planning and highway engineers in charge of managing and operating the assets. The content will also be used to report the assets on a current value basis in Whole of Government Accounts. HM Treasury has set a timetable for a gradual transition to reporting on this basis, starting with limited, unaudited data submissions for 2009/10, building up to a full audited dry run in 2011/12 and the withdrawal of historic cost-based reporting from 2012/13.

The Code will also be used as a tool by auditors in assessing relevant aspects of authorities’ performance.