In England and Wales, the Best Value Accounting Code of Practice (BVACOP) is given legislative authority by regulations which identify the accounting practices it propounds as 'proper practices' under the Local Government Act 2003. In Scotland this is derived from the Local Government in Scotland Act 2003. In Northern Ireland, too, primary legislation has given statutory effect to a Best Value framework.
This year BVACOP provides even more practical guidance on all formal financial disclosures required in relation to the Best Value regime. It is also available in CD-ROM format to enable wide and cost-effective access.
Total cost provides a consistent financial framework for local authorities to accurately cost and compare services. The definition of total cost covers front line services, costs which should be allocated to service providers, and those costs held as central corporate or non-distributed costs. The definition of total cost has been updated to reflect the impact of the Code of Practice on Local Authority Accounting in the United Kingdom 2008 (the SORP) on total cost.
The Service Expenditure Analysis (SEA) in Section 3 of the 2008 BVACOP provides for the segmental reporting requirements of the statement of account and is fully consistent with the requirements of the SORP. For 2008, significant amendments have been made to the Housing Services; Highways, Roads and Transport Services; and Cultural, Environmental and Planning Services SEAs.
Section 2 - the definition of total cost - and Section 3 - the service expenditure analysis provide the mandatory requirements of BVACOP.
Section 4, good practice guidance, includes the apportionment of overheads and recharges, capital charges and retirement benefits. It also includes guidance on the treatment of partnership transactions and trading operations, and the recommended standard subjective analysis. Amendments to the standard subjective analysis reflect changes made in the Code of Practice on Local Authority Accounting in the United Kingdom 2008 (the SORP) and those expected to apply from 2009/10.
Why BVACOP?
It establishes 'proper practices' with regard to consistent financial reporting for services.
BVACOP is an official CIPFA statement. All local authorities in the United Kingdom are expected to adopt its mandatory requirements and detailed recommendations.
It is also expected that CIPFA members will comply with all the mandatory requirements of BVACOP as it defines best practice in terms of financial reporting.
When is it applicable?
BVACOP 2008 has United Kingdom-wide applicability with separate editions for England and Wales, Scotland and Northern Ireland to accommodate the differing regional developments in Best Value statutory guidance across the United Kingdom. BVACOP 2008 applies to all local authority services throughout the United Kingdom from 1 April 2008. BVACOP 2008 will also apply throughout 2009/10.
Why a new Code?
BVACOP is reviewed on an annual basis to ensure that it develops in line with the needs of modern local government, Best Value and public services reform. This is increasingly important as the Best Value regimes are becoming more sophisticated and are evolving constantly.
BVACOP 2008 has been reformatted for this year, and will be presented in loose-leaf format, within a new durable binder and presentation box. It is also available on CD-ROM, which comes complete with a licence for networking to all bona fide employees and elected members of the purchasing local authority. The terms of licences for other categories of purchaser, which includes those local authorities operating shared service arrangements, are available on request from CIPFA's Publications Department.
£350.00 for the hard copy
£695.00 (+VAT) = £816.63 for the CD-ROM
Special Offer - BVACOP - save £195!
When both the hard copy and CD-ROM is purchased, a generous discount will be applied, bringing the total for both items to £850.00 (+VAT) = £937.50
(NB. VAT is only payable on the CD-ROM part of this package). |
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