The Treasury’s head of financial reporting policy has said that government
departments have been given ‘the shock of their lives’ after being hit with a
raft of IFRS deadlines.
The Treasury has laid down four ‘trigger points’ by which time the divisions
must get their houses in order in terms of the international financial reporting
Speaking at CIPFA’s conference last week, David Watkins said a letter had
been sent out to central divisions on 28 April telling them they had until the
end of September to give detailed breakdowns on how financial instruments
requirements would affect them.
Key dates up until December 2009 have also been issued on topics including
submission of financial estimates data and the NAO auditing shadow accounts
prepared under IFRS.
Numerous divisions are now scrambling to hit the deadlines.
Improvements to cashflow statements are being targeted in a consultation launched by the Financial Reporting Council (FRC)
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The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season