Agenda and minutes

            The Minutes of the meeting held on 29 September 2010 were taken as read and signed as a correct record.

            The Board considered a report of the Operational Director, Financial Services which provided an update on the progress with the implementation of International Financial Reporting Standards (IFRS).

            It was reported that in order to prepare the 2010/11 year-end accounts it  was necessary to restate the 2009/10 accounts in order to provide comparative figures and also restate the 2008/09 balance sheet to provide opening balances. 

            The report set out the progress with key areas of IFRS work, the restatement of the 2009/10 accounts, the accounting treatment of leases, asset valuation, employee benefits, group accounts and private finance initiative schemes and service concessions. 

            The Board was advised that it had been agreed that during December the Audit Commission would review the process to ensure work was on track.

            RESOLVED: That the report be noted.

The Board considered:

(1)       whether Members of the press and public should be excluded from the meeting of the Board during consideration of the following item of business in accordance with Sub-Section 4 of Section 100A of the Local Government Act 1972 because it was likely that, in view of the nature of the business to be considered, exempt information would be disclosed, being information defined in Section 100 (1) and paragraph 3 of Schedule 12A of the Local Government Act 1972; and

(2)       whether the disclosure of information was in the public interest, whether any relevant exemptions were applicable and whether, when applying the public interest test and exemptions, the public interest in maintaining the exemption outweighed that in disclosing the information.

            RESOLVED: That as, in all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information, members of the press and public be excluded from the meeting during consideration of the following item of business in accordance with Sub-Section 4 of Section 100A of the Local Government Act 1972 because it is likely that, in view of the nature of the business, exempt information will be disclosed, being information defined in Section 100 (1) and paragraph 3 of Schedule 12A of the Local Government Act 1972.

            The Board considered a report of the Operational Director, Finance which provided a summary of Internal Audit work for the period July to September 2010.

            The report set out the internal audit reports finalised since the last progress report, key issues and recommendations arising from the audits completed, details of other work undertaken by Internal Audit in the quarter and the results of the work undertaken following the implementation of previous Internal Audit recommendations.

            RESOLVED: That the Internal Audit work completed in quarter 2 be noted.