PracticePeople In PracticeCIPFA denies interest in standard-setting role despite Westminster rumours

CIPFA denies interest in standard-setting role despite Westminster rumours

CIPFA has ruled itself out of becoming the new national accounting standards body for the public sector.

The move came as rumours circulated at Westminster that the institute was being lined up to take on the role under an amendment to the Government Resources and Accounts Bill currently going through the House of Commons.

Although ministers have firmly rejected the Tory amendments, insiders believe they could be resurrected once the Bill reaches the Lords.

Vernon Sore, CIPFA’s policy and technical director, said the institute was not in a position to take on the burden of setting standards. ‘We are happy to be part of the process, and supply some technical input,’ he said, adding that he did not think the institute’s current role would change.

CIPFA currently provides guidance to local government on applying standards set by the Accounting Standards Board. The treasury currently fulfills that role for central government.

Conservative treasury spokesman, Oliver Letwin, said it was essential the Treasury’s role was transferred to an independent body to ensure there could be no political manipulation.

The Tories have already launched their own National Accounts Commission under Sir Bryan Carsberg, secretary-general of the International Accounting Standards Committee, to prepare guidelines for producing statements of national accounting practice.

Local government FDs urged to take on a more strategic role

Related Articles

Is inefficiency stealing your time and money?

Accounting Firms Is inefficiency stealing your time and money?

6m Emma Smith, Managing Editor
CIMA elects new president

Institutes CIMA elects new president

6m Emma Smith, Managing Editor
Transparent currency trade: How to achieve costs visibility

Governance Transparent currency trade: How to achieve costs visibility

6m Emma Smith, Managing Editor
Introduction to KPMG UK’s new leadership team

Accounting Firms Introduction to KPMG UK’s new leadership team

6m Emma Smith, Managing Editor
EY appoints head of UK Infrastructure Asset Intelligence practice

Accounting Firms EY appoints head of UK Infrastructure Asset Intelligence practice

8m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
MHA MacIntyre Hudson advises on management buy-out

Accounting Firms MHA MacIntyre Hudson advises on management buy-out

10m Emma Smith, Managing Editor