These days the debate on local authority accounts closedown is essentially around two things.The first is the extent to which financial statements should simply be a discrete ‘end in itself' rather than an expression of modern progressive public financial management.The second centres on finance departments, under the constant strain that austerity measures bring, cope with the challenge of the demand for instant information and the use of more innovative means of financial management and accounts closedown.

In a simplistic practical sense, prompt production does ease the problem of managing competing demands for scarce staff resources and historically it lessens the impact of old year work on the programming and performance of new year work. Prompt closure also means that key financial decisions can be taken earlier on the basis of known facts about the organisation's financial position.