Local government IFRS adoption 'a significant challenge'

by Rose Orlik

More from this author

14 Dec 2011

  • Comments

LOCAL GOVERNMENT'S switch to international financial reporting standards has been a success, albeit with significant challenges.

This is the Audit Commission's verdict on several hundred county councils, emergency services and other public bodies, which it said had "coped well" with the transition.

Both timeliness and quality were affected, with the number of bodies still awaiting an audit opinion six months after the end of the financial year rising from seven last year to 18 in 2011.

Quality was down, with a significant increase in the number of bodies needing to adjust their accounts following audit.

However, Audit Commission chief executive Eugene Sullivan said it was "commendable that there have been no IFRS-related qualified opinions".

"These bodies have done particularly well to achieve early publication in the first year of the new IFRS accounting requirements. Their performance shows that local government bodies as a whole can improve the timeliness of publishing their audited accounts," he concluded.

Visitor comments

blog comments powered by Disqus

Add your comment

We won't publish your address

By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

  • Send

Charterhouse Accountants

Finance Officer

Charterhouse Accountants, Beaconsfield, Permanent, Full Time, £ Competitive




Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials


Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you



Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.


iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.