Public sector woefully underprepared for accounting changes

The Audit Commission recently warned that public sector organisations are woefully under-prepared for a change in their accounting procedures scheduled for the 2010-11 financial year.

Having adopted private sector-style accounting methods during the past decade, public sector finance departments will be required to shift the underlying generally accepted accounting principles from UK-based accounting standards to international financial reporting standards (IFRS) from April next year.

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