UK public bodies to receive IFRS help...
Labels:
Business,
Convergence,
English,
Financial,
IFRS,
International,
Reporting,
UK
Councils and NHS trusts in the UK are to receive extra cash to help them switch over to new accounting standards.
The UK Audit Commission has drawn up a financial support package to help public bodies in the country adopt International Financial Reporting Standards (IFRS), it has been revealed.
A total of £3.3 million will be available to help councils, primary care trusts and other bodies make a smooth transition to the new rules which will be introduced in 2010.
Michael O'Higgins, chairman of the commission, said: "All public bodies are feeling the chill. The introduction of the new standard does impose an extra cost on them and we wanted to help. We listen carefully to the bodies we audit and appreciate their financial position."
The support will take the form of a three per cent rebate which will be funded through efficiency savings made by the commission, he added.
NHS trusts will be the first to move to IFRS and as such will receive the cash in December of this year, with councils getting their share 12 months later.
The Audit Commission is an independent watchdog aimed at improving efficiency in the UK's public services.
The UK Audit Commission has drawn up a financial support package to help public bodies in the country adopt International Financial Reporting Standards (IFRS), it has been revealed.
A total of £3.3 million will be available to help councils, primary care trusts and other bodies make a smooth transition to the new rules which will be introduced in 2010.
Michael O'Higgins, chairman of the commission, said: "All public bodies are feeling the chill. The introduction of the new standard does impose an extra cost on them and we wanted to help. We listen carefully to the bodies we audit and appreciate their financial position."
The support will take the form of a three per cent rebate which will be funded through efficiency savings made by the commission, he added.
NHS trusts will be the first to move to IFRS and as such will receive the cash in December of this year, with councils getting their share 12 months later.
The Audit Commission is an independent watchdog aimed at improving efficiency in the UK's public services.
No comments:
Post a Comment