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IFRS Lessons learned - A workshop

IFRS Lessons learned - A workshop. andywilkes@bpp.com. Introductions. Name Interesting thing about you!. Aims of the workshop. To identify the key learning points concerning the impact of the introduction of IFRS in Central Government To help in the delivery of a report …in 40 minutes….

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IFRS Lessons learned - A workshop

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  1. IFRS Lessons learned -A workshop andywilkes@bpp.com

  2. Introductions • Name • Interesting thing about you!

  3. Aims of the workshop • To identify the key learning points concerning the impact of the introduction of IFRS in Central Government • To help in the delivery of a report • …in 40 minutes…

  4. IFRS Introduction – Impact on… • Accounts – what and how/how much? • Processes – additional information/ bureaucracy generated • Systems – changes/cost • Communication – from outside in and internally

  5. IFRS Introduction – The Standards… • IAS 16 – Property, Plant and Equipment • IAS 17 – Leases! • IAS 19 – Employee benefits • Financial Instruments – Contractual issues, Letters of Comfort • IFRIC 12/HMT Technical guidance - PFI

  6. IFRS Introduction – Example – Home Office • Accounts – Little impact. 5 PFIs • Processes – Talking more to contracts for lease identification • Systems – Dual reporting as Budgeting is done pre-IFRS and accounts are prepared with IFRS changes • Communication – Internal excellent; External not so much

  7. How the workshop will work…we hope… • Identify a scribe/facilitator • Role - to keep the group focused and record salient points as they are made…in legible font! • Referencing – to be indentified or not to be indentified…

  8. Aims of the workshop • To identify the key learning points concerning the impact of the introduction of IFRS in Central Government • To help in the delivery of a report • …in 20 minutes…

  9. For more information… • www.financial-reporting.gov.uk • www.frc.org.uk/asb • www.iasb.org • www.ifac.org • http://thegfp.treasury.gov.uk

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