Magazine article Public Finance

Councils Must Comply with IFRS by 2010

Magazine article Public Finance

Councils Must Comply with IFRS by 2010

Article excerpt

All local authorities will be expected to prepare their annual accounts in accordance with International Financial Reporting Standards from April 2010, CIPFA has announced.

The institute has settled on a two-year preparation period to allow the development of an IFRS code of practice and for authorities to prepare staff for the changes.

Local government's adoption of the standards is in line with a similar move by central government.

CIPFA will now begin working with the Department for Communities and Local Government and the devolved administrations to identify any issues that might adversely affect councils' finances, and to develop solutions before the standards come into effect There will also be a 'first principles' review of the content of local authorities' accounts to identify the scope for simplification. …

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