Issue - meetings

To advise Members on the implications of implementing International Financial Reporting Standards (IFRS).

Members considered a report advising on the implications of implementing International Financial Reporting Standards (IFRS).

Local Authorities were required to adopt International Financial Reporting Standards (IFRS) by 2010-11. This would require a transition from current financial reporting standards and would have a significant impact on the Authority.

The report set out the timetable and implications of adopting the Standards, and identified a number of key issues relating to lease arrangements, employee benefits, the reclassification and revaluation of assets, and changes to accounting policies and disclosures.

A Project Team had been set up within the Finance Service to manage the transition to IFRS. A proposed project plan was set out in Appendix 1 to the report. Members would receive regular updates on progress against the project plan. Appropriate training would also be arranged for Members.

RESOLVED

That

(1)   the potential implications of the introduction of International Financial Reporting Standards for Local Government be noted; and

(2)   the proposed project plan, set out in Appendix 1 to the report, be approved.