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IFRS Transition Support
During the last few months a successful partnership offering between CIPFA and PwC has been in operation in Scotland to assist local authorities deal with the IFRS transition requirements. CIPFA and PwC have now agreed to extend this offering to authorities and other affected bodies in England and Wales.
Knowledge transfer is very important if IFRS is to become embedded in ‘business as usual’, and that’s why CIPFA and PwC have worked together to design an IFRS transition service for local authorities that passes on our experience and expertise directly to local authority staff.
This transition service is unique to local authorities and will provide project support and advice through the whole IFRS transition process. This ongoing support is broken down into nine key elements below:
Impact Assessment- Training
- Accounting Policies
- Transition Notes
- Technical Support
- Audit Liaison
- Opening Balance Sheet
- 2009/10 Comparatives
- 2010/11 First IFRS Accounts
Designed for local authorities
On Friday 19th February 2010 the Audit Commission released its briefing paper 'Countdown to IFRS' indicating a poor state of readiness among many local authorities for the introduction of International Financial Reporting Standards (IFRS). Only one in seven authorities are 'on track', and one in five are having 'serious difficulties'. The Audit Commission has highlighted the need for local authorities to take action now to ensure that their 2010/11 accounts will meet the required standards and will not be late.
Best practice shows that successful IFRS conversions involve a project management approach that includes all parts of the organisation, with proper sponsorship at a senior level. Our discussions with local authorities show that many have not yet adopted this methodical approach nor yet devoted enough resources to ensure success.
For more information on how CIPFA and PwC can help you in the transition to IFRS contact:
Dave Baldam |
Matthew Hodge |
Julian Rickett |
Visit our IFRS section for further information on how CIPFA can support to you on the journey to full IFRS adoption.