Major government departments are set to opt out of planned ‘shadow’
accounting under IFRS, scheduled in preparation for a final switch to
The Department of Health and the Ministry of Defence are understood to have
issues about being ready in time.
Government had planned to move its accounting system to IFRS, but delayed
making the final switch this year after it became clear that the DoH and the MoD
were not ready for the changeover.
Instead, it was thought the departments would produce shadow accounts under
IFRS. But both departments are in discussions with the Treasury to also opt out
‘With the DoH, it is different structurally to other government departments,
so shadow accounting in IFRS would be a bit more difficult,’ a source familiar
with government accounting said.
A spokesman for the Department of Health refused to confirm or deny whether
the department had begun its shadow accounting exercise.
A Treasury spokesman said government intended to move to IFRS in 2009/10, as
announced in the 2008 Budget. ‘It is expected that a large number of departments
will introduce shadow accounting prior to its introduction,’ he said.
"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
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy
A senior MP has questioned the impact of HMRC’s decision to undertake yet another radical overhaul of its internal structure
The Apple Tax situation; Accountants replaced by robots; and The Accountancy Age Top 50+50; all discussed by head of editorial Kevin Reed