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UK government will use IFRSs starting 1 April 2008

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25 Feb 2008

The budget and the accounts of the Government of the United Kingdom will be prepared using IFRSs starting with the financial year that begins 1 April 2008. One of the biggest changes from moving to IFRSs is expected to be the inclusion of all of the Government's long-term liabilities in the statement of financial position.

The UK Government Resources and Accounts Act 2000 requires that 'Whole-of-Government' accounts (consolidating the entire UK public sector, eventually including local councils) should be prepared to present a 'true and fair view' and to 'conform to generally accepted accounting practice':

 

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