PracticePeople In PracticeBest Value accounting code receives government tribute

Best Value accounting code receives government tribute

CIPFA's Best Value Accounting Code of Practice has been praised by the government as being 'crucial' in demonstrating whether local authorities are achieving best value.

The code is published on 25 February just weeks before best value is due to go live on 1 April and is intended to help local authorities by providing better service cost information.

Local government minister Hilary Armstrong, said: ‘This code will be the recognised standard for all local authorities and will be crucial in demonstrating whether an authority is achieving best value.’

She said best value would only be reviewed after CIPFA had reviewed the Code later in the year.

Best Value will replace the much despised Compulsory Competitive Tendering which forced local authorities to provide services on the basis of lowest cost.The Code provides a guide to financial accounting for local authorities dealing with best value and intends to aid with definitions for total cost, treatment of partnership arrangements, maintenance and disclosure of trading accounts, and analysis of service expenditure for financial reporting and performance indicators.

Steve Freer, chief executive of CIPFA, said the code would help local people to have ‘confidence’ in the financial performance information published by local authorities.

‘The code is an excellent example of CIPFA and its members combining in partnership with other agencies to achieve a self-regulated framework.’

Best value inspections to last up to four weeks

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