Statutory capital controls need to be simpler, says CIPFA

11 Nov 99
A simplification of the statutory capital controls framework for local authorities is needed, according to CIPFA.

12 November 1999

The Department of the Environment, Transport and the Regions asked the institute to examine the application of the Provision of Credit Liabilities (PCL), used by local authorities when repaying loans.

Maureen Wellen, CIPFA's policy and technical manager, said: 'The capital controls system is very complicated and often runs counter to Generally Accepted Accounting Practice. The government should review the statutory framework that underpins this accounting practice as part of its modernising agenda.'

CIPFA's proposals are in its report, Premiums for the early repayment of Public Works Loan Board loans.


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