Local authorities face tough IFRS timetable
Pressure mounts to switch standards by 2010 deadline
A tough transition to IFRS lies ahead for local authorities as they face an
April 2010 deadline to switch from UK GAAP.
CIPFA, which has laid out a two-year timetable for the transition, has warned
that meeting the target will be ‘challenging but achievable’.
IFRS became mandatory for EU listed companies in 2005. Central government is
scheduled to adopt the standards from April 2009.