http://www.legislation.gov.uk/wsi/2022/1254/introduction/made

The Local Authorities (Capital Finance and Accounting) (Wales) (Amendment) Regulations 2022

en

King's Printer of Acts of Parliament

2022-12-01

LOCAL GOVERNMENT, WALES

These Regulations amend the Local Authorities (Capital Finance and Accounting) (Wales) Regulations 2003 (“the 2003 Regulations”) by inserting regulation 24L which makes provision about the accounting practices to be followed by a local authority where a component of an infrastructure asset has been replaced. Regulation 24L applies to local authorities that are required to prepare a statement of accounts in accordance with regulation 8 of the Accounts and Audit (Wales) Regulations 2014. A local authority must either assume the carrying amount of the derecognised part is nil or calculate the carrying amount in line with the accounting practices identified under regulation 25 of the 2003 Regulations.