Brexit & EconomyPoliticsGovernment accounts ‘to be delayed’

Government accounts 'to be delayed'

Whole of Government accounts project could be put back following snags with the implementation of International Financial Reporting Standards

Government plans to produce a single consolidated set of accounts may be
delayed following issues with the move to international financial reporting
standards, the
commons
Treasury committee has said
.

The Ministry of Defence and the Department of Health are both behind in the
move to IFRS and are set to miss the deadline, it emerged this week.

‘If the changeover does lead to reduced timeliness in 2008/09, or to a
significant increase in the number of audit qualifications, or both, this might
put at risk the latest timetable for the publication of the first Whole of
Government Accounts in 2008/09,’ the committee said in a report on the work of
the Treasury departments.

The comments came in a report which was heavily critical of bonuses paid to
HM Revenue & Customs’ staff.

The committee complained there had been ‘slippage’ in meeting HMRC targets
and voiced ‘particular alarm’ at a continued failure to meet its target for
processing VAT receipts and improve the administration of tax credits.

Further Reading:

Read
the Treasury Committee’s report

Health
and MoD not ready for IFRS switch

MPs
attack ‘unjustified’ HMRC bonuses

Related Articles

5 key takeaways from Theresa May’s Florence speech

Brexit 5 key takeaways from Theresa May’s Florence speech

3m Alia Shoaib, Reporter
UK at risk of Brexit talent brain-drain

People Practice UK at risk of Brexit talent brain-drain

3m Alia Shoaib, Reporter
Brexit essentials: this week's round-up

Politics Brexit essentials: this week's round-up

4m Alia Shoaib, Reporter
Government publishes post-Brexit customs arrangements policy paper

Politics Government publishes post-Brexit customs arrangements policy paper

4m Alia Shoaib, Reporter
Italy grants first successful non-dom status application to former UK non-dom

Personal Tax Italy grants first successful non-dom status application to former UK non-dom

4m Emma Smith, Managing Editor
Increased government spending partly offset by high tax revenue

Governance Increased government spending partly offset by high tax revenue

5m Alia Shoaib, Reporter
Less than a third of UK businesses have made formal Brexit plans

Politics Less than a third of UK businesses have made formal Brexit plans

5m Alia Shoaib, Reporter
Nicky Morgan elected Chair of the Treasury Committee

Politics Nicky Morgan elected Chair of the Treasury Committee

5m Alia Shoaib, Reporter