PracticeAuditPublic sector urged to speed up IFRS adoption

Public sector urged to speed up IFRS adoption

The impact of IFRS could be felt on the UK's public services quicker than originally thought, the Chartered Institute for Public Finance and Accountancy (CIPFA) has warned.

Link: Public sector accounting revolution underway

CIPFA is advising UK public service organisations to be aware of the potential impact of IFRS, as there are signs that key standard setting bodies may accelerate the implementation of IFRS into national requirements.

For instance, the Financial Reporting Advisory Board (FRAB), which oversees Treasury’s standard-setting activities, highlighted in its last report to Parliament that it would prefer to see a more rapid adoption of IFRS in the central government and related sectors.

There is also a possibility that the Accounting Standards Board (ASB) might accelerate its own convergence strategy.

According to CIPFA, such developments would undoubtedly accelerate the impact of IFRS for the UK public services more generally.

In a bid to raise awareness of the issue, CIPFA has produced a (free) briefing paper titled ‘International Convergence and the UK Public Services’ that is available for download from its website. www.cipfa.org.uk

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