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.
read more [1]
Links:
[1] http://www.publictechnology.net/sector/central-gov/public-sector-woefully-underprepared-accounting-changes
[2] http://www.publictechnology.net/sector/central-gov/public-sector-woefully-underprepared-accounting-changes