UK Government will complete switch to IFRS in 2013

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.