RegulationAccounting StandardsAudit Commission to give IFRS rebate to public bodies

Audit Commission to give IFRS rebate to public bodies

Public spending watchdog to provide financial support to help cover cost of move to international accounting rules

The Audit
Commission
has said it will use savings from its efficiency programme to
help councils, primary care trusts and other local bodies with the cost of
moving to International
Financial Reporting Standards
.

The package, worth £3.3m, is designed to cover the costs of moving to the new
accounting standard, which is due to be introduced in 2010 and will apply to all
public bodies.

The public spending watchdog said the rebate will be funded by cutting its
running costs.

NHS trusts — the first public bodies to move to IFRS — will receive a
one-off rebate in December and councils in December 2010.

Commission chairman Michael O’Higgins said: ‘All public bodies are feeling
the chill. The introduction of the new [IFRS] standard does impose an extra cost
on them and we wanted to help.’

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