Insights and articles relating to Public Sector Financial Reporting.
The adoption of accrual accounting by governments is gathering momentum. If a government were to adopt accrual accounting now, is the adoption of IPSAS the most sensible option?
This month’s top stories include HMRC’s extension to the trial for responding to old post; draft legislation released which prompts taxpayers to provide more information to HMRC; and the latest figures on HMRC caller waiting times.
ICAEW welcomes proposed statutory guidance that establishes a corporate governance code for local authorities in England, but says councillors need better training and support if they are to be able to hold leaders to account.
Alison Ring, ICAEW Director Public Sector and Taxation, says we must take a once-in-a-generation opportunity to fix long-standing underlying problems with the way local government financial statements are used.
Our chart looks at the £3.3trn of net liabilities presented in the UK government’s consolidated financial statements for the year ended 31 March 2021 that were finally published more than 27 months after the balance sheet date.
This month’s top stories include HMRC’s customer service performance falling short; updated guidance for when taxpayers can rely on HMRC; plus a raft of announcements from Legislation Day on R&D, pensions and more.
The OBR’s July 2023 fiscal risks and sustainability report indicates that, without higher taxes, public sector net debt as a share of GDP could triple or more over the next 50 years.
The House of Commons’ Public Accounts Committee warns that delays in establishing the Audit, Reporting and Governance Authority risks further deterioration in the timeliness of local authority-audited financial statements.
In response to the crisis in financial reporting and audit in local authorities in England, ICAEW argues that urgent action is needed to bring confidence to the finances of local public bodies.
This month’s top technical stories include a list of tax returns that cannot be filed online, HMRC’s mandated format of claims for income tax relief on employment expenses, and ICAEW’s MTDtalk on 20 December.