UK government will use IFRSs starting 1 April 2008
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':
- Whole of Government Accounts Website
- HM Treasury Financial Reporting Web Page
- IFRS-based UK Government Financial Reporting Manual Website
- Website of Financial Reporting Advisory Board (FRAB), the Government's accounting advisor.
- FRAB IFRS Announcement March 2007 (PDF 17k)
- FRAB IFRS Announcement June 2007 (PDF 27k)