Issue - meetings

To update members on the project plan for implementing International Financial Reporting Standards (IFRS).

The Committee received a report on the project plan for implementing International Financial Reporting Standards (IFRS).

The first set of IFRS accounts would be the 2010-11 Statement of Accounts, which would be produced in June 2011. As part of the account, the Council would need to include comparative information for 2009-10 meaning that the effective date of transition was at 1 April 2009 and the 2009-10 accounts would need to be restated in IFRS format. The timetable for implementing IFRS was as follows:

Stage 1 –  Restate  April 2009 balance sheet to IFRS 

Stage 2 –  Restate 2009/10 UK GAAP accounts to IFRS – by 31 Dec 2010

Stage 3 – Closedown 2010/11 on IFRS basis – 30 June 2011.

The Audit Commission had recently completed a survey on the readiness of local authorities for the transition to IFRS. Their report ‘Countdown to IFRS – Implementation in local government’ was circulated at the meeting and stated that local authorities needed to make urgent progress to ensure that the 2010/11 accounts would be reported on time and would meet the required standards. Andrea Castling of the Audit Commission was present at the Committee’s meeting and, at the invitation of the Chairman, spoke briefly about the Audit Commission’s report.

Officers also reported that the former Cheshire County Council balance sheet had now been disaggregated and merged with the former Districts balance sheets.

The transition work was now gathering pace and the Council was on target to meet the deadline of June 2011.

RESOLVED

That the updated project plan as attached as Appendix A to the report be approved.