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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:

Russell Smith on 020 8667 8177 or email at russell.smith@cipfa.org.uk

Visit our IFRS section for further information on how CIPFA can support to you on the journey to full IFRS adoption.

IFRS-Based Code Implementation – ‘State of Readiness’

Enabling a swift assessment of where your authority stands in relation to the transition to the IFRS-based Code. Complete the questions using the drop down menu (‘Yes/No’ answers), press the ‘submit button’ and get your score instantly.

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Governance

1

Does your authority formally report to the Audit Committee (or equivalent) on the progress of the IFRS-based Code implementation?

Yes No

2

Has senior management been engaged and ‘buy-in’ been sought for IFRS-based Code implementation?

Yes No

Project Planning

3

Has the authority set up a Project Management Team?

Yes No

3a

Have terms of reference for the Project Management Team been developed?

Yes No

3b

Is the membership of the Project Management Team made up from a cross section of professions (i.e. finance, property, HR)?

Yes No

3c

Have the Project Management Group met on a regular basis (i.e. at least every two months)?

Yes No

3d

Have Project Management Group meeting dates been diarised until the completion of the project (i.e. up until May/June 2011)?

Yes No

4

Has the authority developed a Project Plan?

Yes No

4a

Have terms of reference for the Project Management Team been developed?

Yes No

5

Has the authority identified key work streams?

Yes No

6

Has liaison between the authority and its external auditors taken place (i.e. to discuss project approach and views on materiality)?

Yes No

Capacity and Capability

7

Has the authority reviewed the capacity (i.e. enough staff) and capability (i.e. knowledge/ skills of staff) in relation to the technical and practical issues associated with the transition to the IFRS-based Code?

Yes No

8

Is the authority providing training to staff involved in the transition to the IFRS-based Code?

Yes No

Information Requirements

9

Has the authority assessed whether information can be obtained from current systems and processes in order to restate transactions and produce disclosure notes in line with the IFRS-based Code?

Yes No

10

Have changes to systems and processes (where appropriate) been undertaken to enable new information requirements to be met?

Yes No

Key Deliverables

11

Has a detailed impact assessment been undertaken that sets out the key issues that are expected to impact the authority?

Yes No

12

Have accounting polices been reviewed and finalised that are IFRS-based Code compliant?

Yes No

13

Has an IFRS-based Code compliant draft skeleton accounts been drafted?

Yes No

14

Has the authority produced an IFRS-based Code compliant restated opening balance sheet?

Yes No

15

Has the authority produced IFRS-based Code compliant restated 2009/10 comparatives?

Yes No

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CIPFA, registered with the Charity Commissioners of England and Wales No.231060 CIPFA Business Limited, the trading arm of CIPFA that provides a range of services to public sector clients, registered in England and Wales no.2376684 Registered Office 3 Robert Street, London WC2N 6RL