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CIPFA welcomes today’s Audit Commission report Auditing the Accounts 2010/11, and congratulates local government on successfully implementing International Financial Reporting Standards (IFRS).
The report, which summarises the results of auditors’ work on the 2010/11 financial statements at councils, police authorities, fire and rescue authorities and local government bodies, concludes that “overall, local government coped well with the transition to IFRS.”
Ian Carruthers, Policy & Technical Director at CIPFA said:
“Implementing IFRS at a time of severe budget reductions has been a huge challenge for local authorities, so they should be congratulated on managing the transition so well.
“However, challenges remain. The report highlights that some organisations need to improve the quality and timeliness of the information. There are lessons to be learnt from the introduction of IFRS and CIPFA is planning a review to collect and promote examples of best practice.”
Contact: Tim Windle
CIPFA Press Office
t 020 7543 5787
CIPFA, the Chartered Institute of Public Finance and Accountancy, is the professional body for people in public finance. As the world’s only professional accountancy body to specialise in public services, CIPFA’s portfolio of qualifications are the foundation for a career in public finance. We also champion high performance in public services, translating our experience and insight into clear advice and practical services. Globally, CIPFA shows the way in public finance by standing up for sound public financial management and good governance.
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T: +44 (0)20 7543 5787