Audited Financial Statements 2011-12

The Audited Financial Statements summarises the Authority’s transactions for a financial year and its position at each year-end of 31 March.  The Council is required to prepare an annual statement of Accounts by the Local Authority Accounts (Scotland) Regulations 1985, which section 12 of the Local Government in Scotland Act 2003 require to be prepared in accordance with proper accounting practice.  These practices primarily comprise the Code of Practice on Local Authority Accounting in the United Kingdom 2011-12 and Best Value Accounting Code of Practice 2011-12 supported by International Financial Reporting Standards (IFRS).