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IFRS-based Code Toolkit

It seems a long while ago since there was first talk of implementing IFRS in the public sector. For local government this became a reality last year – and the journey continues into 2010/11. 

CIPFA has recognised the significant challenges the transition to IFRS poses for local authorities and the need to provide both technical and practical support.

CIPFA has developed a range of unique tools and services specifically for local authorities. It is a unique toolkit that will provide you with support and advice (including restatement of 1 April 2009 balances and 2009/10 comparatives) in order to successfully implement the requirements of the Code of Practice on Local Authority Accounting in the UK 2010/11 Based on IFRS. Local Authorities are free to choose the tools and services as detailed below that best meet your own needs.

• Full IFRS Transition Support – CIPFA in conjunction with PwC has developed a unique service that will provide project support and advice through the whole IFRS transition process. This ongoing support is broken down into nine key elements below:
  
  • Impact Assessment
  • Training
  • Accounting Policies
  • Transition Notes
  • Technical Support
  • Audit Liaison
  • Opening Balance Sheet
  • 2009/10 Comparatives
  • 2010/11 First IFRS Accounts

• Restatement of 1 April 2009 Balances and 2009/10 Comparatives ‘Compliance Check’ – CIPFA can provide a review of the opening balance sheet and 2009/10 comparatives prepared by the Authority and provide written feedback with respect to compliance with IFRS-based Code as well as taking into account the Authority’s accounting policies and related work papers to confirm their adequacy to support the restatements.

• Restatement of 1 April 2009 Balances and 2009/10 Comparatives Templates and supporting Key Evidence - MS excel format templates have been developed to assist local authorities in restating 1 April 2009 Balances and 2009/10 Comparatives for single entity accounts. These cover the Balance Sheet, Comprehensive Income and Expenditure Statement and Movement in Reserves Statement. The templates provide a clear, comprehensive and robust audit trail (including control/validity checks) of the adjustments to comply with the IFRS-based Code. Completion notes for each template are included.  Key evidence support the completion of the templates and highlight potential areas where it is suggested local authorities should have suitable evidence to support their restatement.

• 2010/11 Statement of Accounts ‘Health Check’ – CIPFA recognises that due to time constraints and capacity issues, practitioners may welcome external quality assurance of the final accounts. CIPFA can provide a tailored review (including written feedback) to help you in achieving compliance to the IFRS-based Code before the Statement of Accounts is certified by the Chief Financial Officer as being a true and fair view of the financial position and transactions of a local authority. We offer full health checks or health checks tailored to specific areas (i.e. non-current assets, group accounts etc).

‘The service provided by CIPFA was invaluable in assisting us to achieve the deadline for preparation of the restated Balance Sheet to 31 March 2009. The staff proved to be extremely knowledgeable of the complex issues involved and our queries were answered promptly’ - from an Accountancy Services Manger.

For more information on how CIPFA can help you to comply with the IFRS-based Code for local authorities contact:
dave.baldam@cipfa.org.uk Tel 01522 722279 or camilla.hayes@cipfa.org.uk Tel 0208 667 8591.

Visit our IFRS section for further information on how CIPFA can support to you on the journey to full IFRS adoption.

IFRS-Based Code Implementation – ‘State of Readiness’

Enabling a swift assessment of where your authority stands in relation to the transition to the IFRS-based Code. Complete the questions using the drop down menu (‘Yes/No’ answers), press the ‘submit button’ and get your score instantly.

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CIPFA may also wish to contact you about other products and services that we believe may be of interest to you. If you do not want to receive this information, please tick here.

Governance

1

Does your authority formally report to the Audit Committee (or equivalent) on the progress of the IFRS-based Code implementation?

Yes No

2

Has senior management been engaged and ‘buy-in’ been sought for IFRS-based Code implementation?

Yes No

Project Planning

3

Has the authority set up a Project Management Team?

Yes No

3a

Have terms of reference for the Project Management Team been developed?

Yes No

3b

Is the membership of the Project Management Team made up from a cross section of professions (i.e. finance, property, HR)?

Yes No

3c

Have the Project Management Group met on a regular basis (i.e. at least every two months)?

Yes No

3d

Have Project Management Group meeting dates been diarised until the completion of the project (i.e. up until May/June 2011)?

Yes No

4

Has the authority developed a Project Plan?

Yes No

4a

Have terms of reference for the Project Management Team been developed?

Yes No

5

Has the authority identified key work streams?

Yes No

6

Has liaison between the authority and its external auditors taken place (i.e. to discuss project approach and views on materiality)?

Yes No

Capacity and Capability

7

Has the authority reviewed the capacity (i.e. enough staff) and capability (i.e. knowledge/ skills of staff) in relation to the technical and practical issues associated with the transition to the IFRS-based Code?

Yes No

8

Is the authority providing training to staff involved in the transition to the IFRS-based Code?

Yes No

Information Requirements

9

Has the authority assessed whether information can be obtained from current systems and processes in order to restate transactions and produce disclosure notes in line with the IFRS-based Code?

Yes No

10

Have changes to systems and processes (where appropriate) been undertaken to enable new information requirements to be met?

Yes No

Key Deliverables

11

Has a detailed impact assessment been undertaken that sets out the key issues that are expected to impact the authority?

Yes No

12

Have accounting polices been reviewed and finalised that are IFRS-based Code compliant?

Yes No

13

Has an IFRS-based Code compliant draft skeleton accounts been drafted?

Yes No

14

Has the authority produced an IFRS-based Code compliant restated opening balance sheet?

Yes No

15

Has the authority produced IFRS-based Code compliant restated 2009/10 comparatives?

Yes No

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CIPFA, registered with the Charity Commissioners of England and Wales No.231060 CIPFA Business Limited, the trading arm of CIPFA that provides a range of services to public sector clients, registered in England and Wales no.2376684 Registered Office 3 Robert Street, London WC2N 6RL