Local Authorities and IFRS

Local authorities are required to adopt IFRS by 2010/11.

Many private sector companies, central government and the NHS have already discovered that the transition to IFRS can bring a number of challenges.

It isn’t just a matter of getting the accounting right. The changes can also impact on processes and systems, data collection, budgeting and the allocation of resources.

A key part of the transition process is sound planning and project management. Especially where resources are tight, effective planning can make a difference between the success or failure of a project.

2011 may seem a long time away but experience suggests that starting early increases the chances of success.

Baker Tilly has already helped numerous organisations to transition to IFRS. We have a proven IFRS conversion methodology which provides a structured process for transition. Our approach includes an initial impact assessment, a detailed evaluation report and audit trial and assistance with the preparation of comparative information and pro-forma financial statements under IFRS. We can project manage the whole process with you, or work with your team throughout the project to transfer skills and knowledge.

If you would like to know more, please contact a member of the team. Details can be found to the left of this page.