{"id":13407,"date":"2013-05-29T19:29:41","date_gmt":"2013-05-29T19:29:41","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=9ef95d408f94d49b294def9a1f00664d"},"modified":"2013-05-29T19:29:41","modified_gmt":"2013-05-29T19:29:41","slug":"press-release-transition-to-ifrs-successful-says-frab","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=13407","title":{"rendered":"Press release: Transition to IFRS successful, says FRAB"},"content":{"rendered":"
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The Financial Reporting Advisory Board (FRAB) today published its 14th annual report, which highlights that central government, the NHS and the devolved governments successfully completed the transition to financial reporting on an International Financial Reporting Standards (IFRS) basis.<\/p>\n

In its 2010 report, the FRAB commented that the move to IFRS, from financial year 2009-10, was a challenging project, but it was encouraged with the progress reported in the task of delivering IFRS based accounts for the first time.<\/p>\n

Commenting on this year\u2019s report, Kathryn Cearns, the FRAB Chairman, said:<\/p>\n

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The successful transition to IFRS based financial reporting represents a major achievement for all those entities involved in the process.<\/p>\n<\/blockquote>\n

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However, the report also highlights the FRAB\u2019s concerns over the continued postponement of International Accounting Standard 27 Consolidated and Separate Financial Statements to those NHS bodies that have linked charitable funds, a decision with which the FRAB disagrees.<\/p>\n<\/blockquote>\n

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The transition to IFRS will also result in the publication of the first set of IFRS based Whole of Government Accounts, for financial year 2009-10. The FRAB looks forward to seeing the results of this process as the accounts are published. It welcomes the additional accountability and transparency these accounts will provide to its stakeholders, including to Parliament.<\/p>\n<\/blockquote>\n

The report also acknowledges that in this calendar year the FRAB itself has been subject to a formal review. The resultant review report makes a number of recommendations covering the FRAB\u2019s future role, structure and operational processes, with the aim of ensuring that the FRAB remains fit for purpose. The implications of the review\u2019s findings are being considered by the FRAB and the Relevant Authorities that it advises, and any proposed changes to the Board\u2019s structure and operational arrangements are planned to be introduced in the autumn.<\/p>\n

The report is available to download online<\/a><\/p>\n

NOTES FOR EDITORS<\/p>\n

FRAB is an independent advisory body set up in 1996 initially to oversee the Treasury Resource Accounting Manual, which set out how Government departments should prepare their resource
\naccounts. Resource Accounting and Budgeting (RAB) placed the planning and control of Government expenditure on an accruals accounting basis \u2013 comparable to the way that the private sector manages its finances and prepares its accounts. The Government Resources and Accounts Act 2000 placed the Board\u2019s role on a statutory basis.<\/p>\n

The Board\u2019s remit has been extended since its inception in 1996 and it now includes the provision of advice on financial reporting standards and principles in respect of:<\/p>\n