Scottish local authorities have, for the first
time, successfully implemented financial reporting requirements
based on IFRS.
The new accounting framework was adopted by
the Scottish government to be implemented for the 2010/2011
reporting year and involved changes in respect of employee
benefits, grant income, property and assets held for sale.
The Chartered Institute of Public Finance and
Accountancy (CIPFA) said IFRS implementation means that Scottish
local authorities, along with the rest of the UK public sector, are
using internationally recognised financial reporting standards,
which is a major step forward in transparency and
accountability.
This also supports the initiative that CIPFA
recently launched calling for a co-ordinated and concerted global
effort to improve reporting, auditing and public financial
management practices by governments around the world.
“The successful implementation of IFRS by
Scottish local government is of critical importance as the whole
public sector moves towards adoption of a common set of underlying
accounting standards. The hard work, expertise and professional
approach of all those involved achieved a superb outcome for
Scottish local authorities.” The Local Authority (Scotland)
Accounts Advisory Committee (LASAAC) chair Lynn Bradley said.
