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
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Investment in people, tech and businesses impacts on EY's profit per partner figure
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day