Rising to the challenge of IFRS

July 2007

IFRS represents a significant shift in financial reporting across the public sector.

Following an announcement in the 2007 budget, government bodies will be required to adopt International Financial Reporting Standards (IFRS) for their 2008/09 accounts and will also be required to restate 2007/08 accounts using IFRS to provide comparative information.

Central government, NHS Trusts, Primary Care Trusts and NHS Foundation Trusts will all need to adopt IFRS within this same timetable and there is an expectation that local government will also need to do the same (although the timing has yet to be confirmed).

Your organisation may already be considering how to address the challenge of conversion. This publication sets out the key issues that should be considered during an IFRS conversion.