CIPFA has welcomed today’s publication of the Audit Commission’s report Let’s be clear: Making local authority IFRS accounts more accessible and understandable.
The briefing makes a valuable contribution to the debate on how to make local authority accounts easier to understand and more accessible to members of the general public, especially following the implementation of International Financial Reporting Standards (IFRS).
CIPFA recognises the needs to learn lessons from the implementation of IFRS locally and will shortly be launching a post implementation review of IFRS. Part of this review will seek to address the issue of the accessibility of information for the general public. To this end CIPFA has been working on the proposed introduction of summary accounts to provide key information on local authority finances and performance.
Paul Mason, CIPFA’s Assistant Director for professional standards commented,
“This briefing is a welcome contribution to the debate and highlights some suggestions for ways to make local authority accounts more accessible, including streamlining the presentation of information and the introduction of summary accounts. The briefing also recognises the work CIPFA has already done in this area.
“CIPFA is committed to working with the regulator, practitioners, auditors and other stakeholders to realise improvements in local authorities’ financial statements.”
Contact: Lindsay Machin / Tim Windle
CIPFA Press Office
t 020 7543 5600
CIPFA, the Chartered Institute of Public Finance and Accountancy, is the professional body for people in public finance. 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. We also champion high performance in public services, translating our experience and insight into clear advice and practical services. Globally, CIPFA shows the way in public finance by standing up for sound public financial management and good governance.