Major government departments will face having their accounts qualified if
they fail to get to grips with IFRS, according to the former head of financial
reporting at the Treasury.
‘It is a clear possibility that there will be a temporary rise in the number
of qualified audit opinions,’ said Ian Carruthers, CIPFA’s technical expert.
The Treasury is driving central departments towards full adoption of IFRS for
the 2009/2010 year.
IFRS adoption is a year behind schedule after central government departments
including the Ministry of Defence and the Department of Health were tripped up
by how to account for £30bn of privately financed projects.
The Department for Transport also has a number of PFI projects on its books
and a tendering process has begun to find a partner to deliver another £3bn of
PFI work around the Crossrail initiative.
Improvements to cashflow statements are being targeted in a consultation launched by the Financial Reporting Council (FRC)
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day
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