The Treasury will delay adoption of IFRS until 2009/10 following a select
committee meeting last week in which it was revealed that two of the
government’s largest departments – the Ministry of Defence, and Health – were
not ready for the switch.
KPMG public sector audit director, Greg McIntosh said the key to successful
implementation of IFRS lay in preparation.
‘Certainly, our experience of the introduction of IFRS into the private
sector was that the companies that started the earliest fared the best.
‘The extra year will be important in enabling central government to prepare
thoroughly and to restate the previous year’s accounts for comparative purposes.
‘It will be important, though, that momentum is not lost and that this
deferral does not result in the foot being taken off the gas in the movement
towards IFRS reporting. A year is not a long time in financial reporting, and
there is still very little room for slippage,’ he said.
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