Government Switch to IFRS 'Successfully Completed 'FOR IMMEDIATE RELEASE
CENTRAL AND DEVOLVED government, as well as the NHS, has successfully switched their accounts to international financial reporting standards.
The Financial Reporting Advisory Board's recent annual report showed the change was made following the financial year 2009-10; the project was described as "challenging".
FRAB chairman Kathryn Cearns called the transition "a major achievement" and said the Whole of Government Accounts to be published under IFRS will provide "additional accountability and transparency provide to stakeholders, including to Parliament".
However, FRAB that warned delays on new accounting standard IAS 27 – which deals with consolidated and separate financial statements – are hurting NHS bodies with links to charitable funds
Start free ReadyRatios
reporting tool now!
start online
Last Accounting News
- IASB consults Regarding Accounting Changes Concerning Interest Rate Benchmarks
- IASB Confirms One-year Delay for IFRS 17
- IFRS Foundation Publishes IFRS Taxonomy 2018
- IASB Urged to Improve Standards-setting Processes
- FSB Encourages Insurers to Act on the New Insurance Standard
- IFRS Foundation Trustees and the IASB Meets with the Japanese Stakeholders in the Wake of More Japanese companies Adopting IFRS Standards
- IASB Replaces IFRS 4 with the Issuance of a New Standard on Insurance Accounting