Management Information Sheet
School Capital Expenditure Subjective Coding
Norfolk County Council has to produce its accounts in line with International Financial Reporting Standards (IFRS). As a result of this two new subjective codes have been set up in order to clearly identify Mechanical and Engineering (M & E) expenditure, eg Plumbing, electrical work and boiler replacement.
Expenditure Chargeable to Capital under IFRS 2011-12
Any expenditure charged to the capital programme will be required to meet the following criteria
It is probable that the future economic benefits or service potential associated with the item will flow to the authority; and
The cost or fair value of the item can be measured reliably
The above criteria include cost of acquisition and construction and costs incurred subsequently to enhance, replace part of, or service the asset.
New Subjective codes:
C247 Building M & E – Boiler replacement
C248 Building M & E – Other (plumbing, electrical work etc)
Please refer to your user guide and complete a subjective code upgrade to set these new subjective codes up in the school’s system
Please click on the above link for the full guide.
Expenditure Chargeable to Capital under IFRS 2011-12
Any expenditure charged to the capital programme will be required to meet the following criteria
The above criteria include cost of acquisition and construction and costs incurred subsequently to enhance, replace part of, or service the asset.
New Subjective codes:
C247 Building M & E – Boiler replacement
C248 Building M & E – Other (plumbing, electrical work etc)
Please refer to your user guide and complete a subjective code upgrade to set these new subjective codes up in the school’s system
Please click on the above link for the full guide.