HM Treasury issues application guidance on IFRS implementation for the public sector
09 Jul, 2014
HM Treasury has issued application guidance on International Financial Reporting Standards (IFRS) implementation for the public sector to help preparers of central government annual reports and accounts.
Preparers of annual reports and accounts in the public sector are required to follow the Government Financial Reporting Manual (FReM) which is the technical accounting guide to the preparation of financial statements. It complements guidance on the handling of public funds published separately by the relevant authorities in England and Wales (HM Treasury and the Welsh Assembly Government respectively), Scotland (the Scottish Government) and Northern Ireland (the Executive Committee of the Northern Ireland Assembly).
Alongside the FReM, the latest manual of which was published in December 2013, HM Treasury has today issued supporting guidance including guidance on:
- Asset valuation.
- The accounting for business combinations under common control.
The application guidance is available on the HM Treasury website.
