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SDCT Annual Meeting 2008 Financial Reporting

SDCT Annual Meeting 2008 Financial Reporting. Friday 5 th December. International Financial Reporting Standards (IFRS). Aims to harmonise Financial Reporting Timetable:. Key IFRS Transition Issues. 07/08 10/11 Financial Instruments Leases Employee Benefits

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SDCT Annual Meeting 2008 Financial Reporting

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  1. SDCT Annual Meeting 2008Financial Reporting Friday 5th December

  2. International Financial Reporting Standards (IFRS) Aims to harmonise Financial Reporting Timetable:

  3. Key IFRS Transition Issues 07/0810/11 Financial Instruments Leases Employee Benefits 08/09 Minor Changes Intangible Assets Investment Property 09/10 (early implement) Increased Disclosures PFI Schemes

  4. IFRS Main Differences to UK GAAP • Fixed Assets • Component Accounting necessary • Valuations are at Market Value for all assets • Employee Benefits • Accrual of holiday pay and other benefits • system changes/processes required

  5. Main Differences to UK GAAP • Leases • Leases need split between Land and Buildings elements • Determining whether leases are finance or operating leases and applying retrospectively • PFI • On balance sheet recognition

  6. SORP • 2008 SORP - Minor Changes - Authorised for Issue. Guidance awaited? • 2009 SORP - PFI - Property Taxes - Reorganisation

  7. New Code Preparation • CIPFA LASAAC preparing code under oversight of Financial Reporting Advisory Board (FRAB) • Draft sections already issued on Leases, PFI, Revenue Expenditure funded from Capital and Intangibles. • Full code to be drafted by Spring 2009 for comment

  8. Back to Basics:‘First Principles’ Review of LA Accounts • Mitigate increase in accounts length with IFRS • Reduce complexity arising from: - mix of financial and regulatory reporting - funding vs. full cost - increased GAAP alignment - pressure for WGA consistency

  9. Back to Basics:What Next? • Working Groups to look at: - Format of Accounts - Level of Disclosure - Group Accounts - Practitioner Involvement • Audit Process? (Earlier closedown and approval process?)

  10. Issues to consider • Planning ahead - Project management • Getting other departments involved e.g. Property and HR • Notifying members / governance arrangements • Impact on Use of Resources

  11. Questions?

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