Guidance materials feedback

Model Financial Statements

Possible changes have already been identified to both models

  • Index of Notes: Order of notes 12 and 13 flipped to match order on Statement of Financial Position.
  • Note 16 Borrowings: Change to accounting policy note to align with standard and practice.
  • Note 30 Rating Information: Change of terminology — 'Interim' to 'Reassessed' to match foreshadowed Financial Management Regulations changes.
  • Note 23(a) Elected Member Remuneration: To correctly reflect requirements of the Financial Management Regulations.

Possible changes identified to class 3 and 4 model only

  • Statement of Cash Flows (page 6): note cross references changed.
  • Index of Notes (page 8): original note 20 to be replaced with notes 20 and 21 and titles amended to improve understanding/better represent situation.
  • Notes 3 and 4 (page 12): note references changed as necessary.
  • Note 8(a) (page 16): disclosure regarding assets received at less than fair value should be removed in line with foreshadowed Financial Management Regulation changes.
  • Note 20 and 21 (page 32): original note 20 should be replaced with notes 20 and 21 and note headings changed as no longer strictly a Note to Statement of Cash Flows (as per above).

Annual report — future reporting requirements

Disclosure items moved from the annual financial report to annual report (for 2023):

  • major trading undertakings
  • major land transactions
  • payments to each elected member
  • remembering, ratios moved last year (2022)
  • new information to be reported in annual report (for 2023)
  • capital grants for the renewal of assets.

Page reviewed 14 August 2023