UK Government will complete switch to IFRS in 2013

Thursday, July 7, 2011 Print Email

The UK Government has announced that the application of IAS 27 will be extended to all National Health Service (NHS) organisations from 1 April 2013. This application had been deferred since the adoption of International Financial Reporting Standards across central government on 1 April 2009.

The decision was reached following an advice of the UK Financial Reporting Advisory Board (FRAB). The FRAB had expressed concerns about a further delay to the application of the accounting standard, while the Government considered that more time is necessary to apply this standard consistently and correctly in a resource efficient manner.

Source: FRAB

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