PwC: Govt should learn from corporate IFRS experience
Government bodies must produce their first IFRS accounts in a year’s time
Government bodies must produce their first IFRS accounts in a year’s time
PricewaterhouseCoopers has warned
government bodies to learn as much as they can from the experiences of the
corporate sector, before implementing
International
Financial Reporting Standards (IFRS).
Government bodies have only just learned of this new obligation to produce IFRS
accounts in a year’s time..
PwC said that in particular, government bodies will need to focus their
efforts on specific areas of IFRS which are likely to produce the biggest
changes in the accounts compared with
UK
Generally Accepted Accounting Principles, the framework that much of the
public sector currently uses.
Lynn Hine, public sector accounting technical partner, PwC said: ‘It is early
days and we have yet to see any details of what interpretation the Treasury may
apply to IFRS usage for the public sector, but we would expect the biggest
impact to be on public finance initiative (PFI) schemes. All such schemes will
need to be reassessed to judge whether they should be on or off balance sheet,
as will the financing and financial instruments that underlie them.’
Further reading:
Slimmed down IFRS – but for who?
Daimler postpones results due to IFRS changeover
UK investors write to Brussels over US standard
The numbers you crunch tell a story. Your expertis...
17yEmbracing 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 articleThe Bank of England has appointed Ernst and Young LLP (EY) as its external auditor from the financial year ending 28 February 2025. Read More...
View articleThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articlePwC's decision to delay promotions in its graduate scheme, affecting around 100 graduates, is a response to reduced client demand and the aftermath of...
View articleTraditionally, audit schedules have been prepared manually, consuming significant time and resources. However, with the advancements in Artificial Int...
View articleThe FRC is promoting initiatives to foster a more competitive market, following recent high-profile accounting scandals. Read More...
View articleOn January 27, it was reported EY had quit as auditor to Asda amid one of its senior partners starting a romantic relationship with billionaire chief ...
View articleDespite the increased interest in AI and ML, only 12% of respondents indicate their organisations have adopted AI and ML within their audit functions....
View articleAs the government's independent investigation progresses, it is hoped that a clearer picture will emerge, leading to meaningful reforms within the aud...
View article