{
  "url": "https://openlegislation.uk/local-authorities-capital-finance-and-accounting-england-amendment-regulations-2022/note",
  "json_url": "https://openlegislation.uk/local-authorities-capital-finance-and-accounting-england-amendment-regulations-2022/note.json",
  "legislation": "uksi/2022/1232",
  "legislation_title": "The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2022",
  "legislation_url": "https://openlegislation.uk/local-authorities-capital-finance-and-accounting-england-amendment-regulations-2022",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThe Local Authorities (Capital Finance and Accounting) (England) Regulations 2003 (“the 2003 Regulations”) make provision about the accounting practices to be followed by local authorities. These Regulations insert new regulation 30M into the 2003 Regulations.\nNew regulation 30M relates to the treatment of infrastructure assets within a local authority’s statement of accounts. An infrastructure asset is an asset owned by a local authority, which there is no prospect of the authority selling or using for any purpose other than that for which it was created, and which forms part of the infrastructure of the authority’s area. New regulation 30M(2) provides that a local authority does not need to make any prior period adjustment in respect of infrastructure assets to the balances of any statement of accounts to which it applies. Where a local authority replaces a component of an infrastructure asset, new regulation 30M(3) also provides the authority with a choice of how to identify the carrying amount to be derecognised in respect of that component.\nNew regulation 30M applies only in respect of statements of accounts for financial years beginning on or before 1st April 2024, and only in respect of statements of accounts which have not already been certified by a local auditor.\nA full regulatory impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2022/1232/note",
    "retrieved_at": "2026-10-28T21:53:04.672647+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}