Government accounts 'to be delayed'
Whole of Government accounts project could be put back following snags with the implementation of International Financial Reporting Standards
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
The numbers you crunch tell a story. Your expertis...
16yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleAs we get closer to the Budget and there is talk of public spending reduction to fund his proposals, we think a cut by the Chancellor to the headline ...
View articleTechnology industry leaders are pressing the government for substantial investment to prepare the next generation with essential digital and AI skills...
View articleUK Chancellor Jeremy Hunt has hinted at the possibility of further tax cuts in the upcoming spring Budget, during his time at the World Economic Forum...
View articleEffective corporate reporting on sustainability will prevent greenwashing issues and deliver more data for better implementation of climate policies R...
View articleCGT receipts have increased by over 100% in the past five years and reached a record level of £18bn in the last year alone, and a further 18% increase...
View articleThe Office for National Statistics reported that inflation in the UK dropped to 7.9% in June Read More...
View articleAccording to the senior Conservative, the Tory party must have one eye on the next general election in deciding the future of the off-payroll working ...
View article23% of business owners having hastened their plans to either sell or wind down their businesses Read More...
View article