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The current economic environment places significant focus and pressure on the efficiency and sustainability of public sector finances. Against this background the Local Authority (Scotland) Accounts Advisory Committee (LASAAC) has congratulated Scottish local authorities for successfully implementing internationally recognised accounting requirements.
The adoption of reporting requirements based on International Financial Reporting Standards (IFRS) in Scottish local government for 2010/11 was a significant challenge for the organisations involved, especially with restrictions on the resources available. The new reporting framework required significant changes in respect of employee benefits, grant income, property and assets held for sale.
IFRS implementation means that Scottish local authorities, along with the rest of the UK public sector, are using internationally recognised financial reporting standards..This is a major step forward in transparency and accountability, and supports the initiative that CIPFA recently launched calling for a co-ordinated and concerted global effort to improve reporting, auditing and public financial management practices by governments around the world.
Chair of LASAAC, Lynn Bradley, said:
“The successful implementation of International Financial Reporting Standards by Scottish local government is of critical importance as the whole public sector moves towards adoption of a common set of underlying accounting standards. The hard work, expertise and professional approach of all those involved achieved a superb outcome for Scottish local authorities.”
NOTES TO EDITORS
CIPFA, the Chartered Institute of Public Finance and Accountancy, is the professional body for people in public finance. Our 14,000 members work throughout the public services, in national audit agencies, in major accountancy firms, and in other bodies where public money needs to be effectively and efficiently managed. 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. They include the benchmark professional qualification for public sector accountants as well as a postgraduate diploma for people already working in leadership positions. They are taught by our in-house CIPFA Education and Training Centre as well as other places of learning around the world. We also champion high performance in public services, translating our experience and insight into clear advice and practical services. They include information and guidance, courses and conferences, property and asset management solutions, consultancy and interim people for a range of public sector clients. Globally, CIPFA shows the way in public finance by standing up for sound public financial management and good governance. We work with donors, partner governments, accountancy bodies and the public sector around the world to advance public finance and support better public services. This includes the development of local professional qualifications in African countries like Lesotho and Nigeria and in Europe in post conflict states in the Balkans.
The CIPFA Local Government Directors of Finance Section is the professional forum which comprises the Section 95 Officers under the Local Government (Scotland) Act 1973 of all 32 local authorities in Scotland. The Section provides opinions on matters concerning the management and operation of Scottish local government finance and also serves as a learning forum for the exchange of experience and information on these issues.
The Scottish Local Authorities Chief Internal Auditors Group is the professional networking group for Local Authority Heads of Audit. The purpose of the group is to develop and improve the practice of Internal Audit in Scottish local authorities, police, fire and public transport bodies.