Local Authorities: Financial Reporting Standards (Hansard, 20 March 2002)

HL Deb 20 March 2002 vol 632 c151WA 151WA

§ Lord Higgins
asked Her Majesty's Government:
To what extent they estimate the introduction of the Accounting Standards Board's Financial Reporting Standard 17 will have an effect on local authority pension funds; and [HL3328]
To what extent they estimate the introduction of Accounting Standard Board's Financial Reporting Standard 17 will increase council taxes. [HL3329]

§ Lord Falconer of Thoroton
Under revisions to the Code of Practice on Local Authority Accounting which are being prepared by the Chartered Institute of Public Finance and Accountancy (CIPFA) and discussed with the Accounting Standards Board (ASB), the introduction of Financial Reporting Standard 17 will have no effect on local authority budgets or their pension funds, which will continue to be governed in accordance with the existing regulatory framework.