Protecting the public purse

Making local authority IFRS accounts more accessible

To help audited bodies with the transition to the International Financial Reporting Standards (IFRS) approach, we produced a series of briefing papers. See the full series of IFRS briefing papers in our archive.

Let’s be clear: Making local authority IFRS accounts more accessible and understandable

18 January 2012

This briefing focuses on a long-running debate that the implementation of International Financial Reporting Standards has revived: how to make local government accounts easier to understand.

While the statutory accounts give comprehensive information on each local authority’s financial position and performance, reflecting the range of activities which they cover, they are a poor way of communicating information to lay readers. Elected members and local people need accessible and clear information on financial performance, without needing to be accountants.

Let’s be clear: Making local authority IFRS accounts more accessible and understandable