The report is attached.
Virginia Rennie (Strategy and Commissioning Manager, Strategic Finance) introduced the report, stating that the approval of the Committee was required in order to adhere to accounting standards procedures.
Virginia Rennie commented that the report was technical in nature and directed members’ attention to a change in the leasing policy; the effect of which was to ensure that any leased assets were declared on the balance sheet on the basis that they represented an ongoing commitment. She highlighted changes to the production of group accounts, which would be required in anticipation of the creation of the Warwickshire Property and Development Company.
That the Audit & Standards Committee:
a) Agrees that the accounting policy for group accounts outlined in paragraph 2.7 of the report should be used as the basis for the preparation of the 2020/21 Warwickshire County Council Statement of Accounts, or any subsequent year thereafter should the criteria for the production of group accounts be met;
b) Agrees that the accounting policy for leases outlined in paragraph 3.13 of the report should be used as the basis of the preparation of the 2021/22 Warwickshire County Council Statement of Accounts and the additional disclosure notes required in 2020/21;
c) Notes the amendments to the presentation of the statement of accounts in paragraphs 2.8 and 3.17 of the report that will result from the changes in accounting policy.