Local Government financial reporting requirements

Closed 19 Jan 2018

Opened 27 Nov 2017

Overview

To inform Local Government bodies and other interested stakeholders of the proposed introduction of new financial reporting requirements for the sector, and to seek the views of all stakeholders and to receive feedback on the proposals.

Why We Are Consulting

Since the introduction of the Accounts & Audit Regulations 2013 and in particular the Isle of Man Statement of Recommended Practice 2007: Accounting for entities subject to the Audit Act 2006 (‘the SORP’) the regulatory accounting framework applicable both in the UK and internationally has changed significantly.

There is an increasing risk of ambiguity in relation to certain accounting treatments and risk of the existing financial reporting requirements falling behind internationally accepted best practice. The SORP in particular is in need of fundamental review and replacement.

Consequently the Treasury’s Audit (Consultative) Committee has undertaken a review of the existing regulations and SORP and is now proposing to amend the financial reporting requirements applicable to the sector as outlined in the consultation.

The proposed amendments would be implemented via a new set of Accounts & Audit Regulations to come into effect for reporting periods commencing on or after 1 April 2017.

What Happens Next

Following consideration of the consultation feedback, Treasury will submit a revised set of Accounts & Audit Regulations to replace the existing regulations and the Statement Of Recommended Practice.

Areas

  • All Areas

Audiences

  • Anyone from any background

Interests

  • Policies, strategies & plans
  • Finance