Summary
This is the Twelfth Report of the Financial Reporting Advisory Board (the Board), which covers the year April 2008 to March 2009. It reports on the Government's progress on the move to International Financial Reporting Standards (IFRS) from 2009-10, and other specific financial reporting developments.
The Board's primary objective is to promote the highest possible standards of financial reporting by government.
The Report also looks ahead to future issues that will be considered by the Board over the coming year.
The Contents of the Report are:
- 1 - Introduction
- 2 - International Financial Reporting Standards
- 3 - Financial Reporting Developments
- 4 - Financial Reporting for 2008-09 and Other Matters
- 5 - Future Issues for the Board
- Annex A - Summary of IFRS included in the IFRS-based FReM
- Annex B - The Terms of Reference of the Financial Reporting Advisory Board
- Annex C - Memorandum of Understanding between the Relevant Authorities
- Annex D - Membership of the Board
- Annex E - About the Board.
The Report is addressed to the Committee of Public Accounts and the Treasury Select Committee in the Westminster Parliament, to the Northern Ireland Assembly, to Scottish Ministers and to the National Assembly for Wales.
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