Accounting and Auditing Standards Update available online
Briefings on standards developments prepared for the CIPFA’s Accounting and Auditing Standards Panel are now available online (more...).

Revised guide to standards and standard setting
In November 2007 CIPFA published the third edition of Accounting and Auditing Standards: A Public Services Perspective, which provides an overview of standard setting as it affects public services in the UK. This explains the process by which standards are interpreted or adapted for the different public service sectors, and the key differences from private sector practice. It also considers issues which will arise when government financial statements are prepared using ‘adapted’ International Financial Reporting Standards (IFRS), and arising from the clarity improvement project for International Standards on Auditing (ISAs). Click here for more details or to order.

ASB publishes Interpretation for Public Benefit Entities
After consultation during 2003 and 2005, the Accounting Standards Board has published its "Statement of Principles for Financial Reporting: Interpretation for Public Benefit Entities". CIPFA has followed this important project closely, and during the 2005 consultation held a round table event jointly with the ASB, to promote discussion and inform the consultation. Although the Interpretation is not a standard and does not override any other ASB guidance, it will guide the work of those responsible for the development of financial reporting in the sector. This will include bodies developing Statements of Recommended Practice (SORPs) and the ASB itself in framing new accounting standards. The Interpretations will also be of interest to international work, including the conceptual framework project that is being taken forward by the International Public Sector Accounting Standards Board.

The Interpretation for Public Benefit Entities can be downloaded from the ASB website here and more background is provided in the ASB's July issue of Inside Track.

IFRS workshop at CIPFA Conference
The Accounting and Auditing Standards Panel ran a workshop event at CIPFA’s Conference in June 2007, in partnership with the Accounting Standards Board and HM Treasury. This considered the implications of the March announcement that from 2008-09 the accounts of central government and other entities in the public sector will be prepared using suitably adapted IFRS.