The purpose of this briefing paper is to examine some of the accounting issues that have arisen following the introduction of self-financing to housing revenue accounts in England.
It includes sections on:
On management of debt the Government and Chartered Institute of Public Finance & Accountancy proposed that local authorities operate two loans pools – one for the General Fund and one for the Housing Revenue Account. They have outlined how opening debt should be divided between these two pools before self-financing was introduced.
The treatment of depreciation is important as the major repairs allowance has been abolished with self-financing and the depreciation charge will become the sum that is transferred to the major repairs reserve to fund major repairs. Depreciation will therefore become a real cost in the housing revenue account.
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