The March 2007 Budget Report announced that International Financial Reporting Standards (IFRS) were to be adopted in the central government and health sectors from the 2008-09 financial year, the first year of the Comprehensive Spending Review 2007. It also announced that Whole of Government Accounts (WGA) would be published for the first time for the same year.
In the 2008 Budget, a delay was announced in the timetable for Central Government and the NHS, as well as for Whole of Government Accounts (WGA). The first year of implementation for Central Government, the NHS and WGA is 2009-10; for Local Government the date remains 2010-11:
|
2008/09 |
2009/10 |
2010/11 |
Central Government |
Comparatives |
IFRS |
IFRS |
NHS |
Comparatives |
IFRS |
IFRS |
Whole of Government Accounts |
IFRS |
IFRS |
|
Local Government |
Comparatives & WGA |
IFRS |
The reason for the change given in the Budget Report was to bring benefits in consistency and comparability between financial reports in the global economy and to follow private sector best practice, with listed companies in the European Union having had to produce IFRS compliant group accounts since 2005.
CIPFA and ICAEW held a Forum on 17 March 2008 to debate issues arising from the government’s decision to adopt International Financial Reporting Standards (IFRS). The event brought together case studies from the public and private sectors, with a focus on project planning and management.
