The timely new edition of this popular guide provides an overview of standard setting as it affects public services in the UK, explaining the process by which standards are interpreted or adapted for the different public service sectors, and the key differences from private sector practice.

The guide has been updated to reflect further changes in the devolution of government to Scotland, Wales and Northern Ireland, and the implementation of NHS Foundation Trusts as a new type of health body. It also takes account of conceptual discussions conducted by the Accounting Standards Board, including the publication in June 2007 of a public benefit interpretation of its Statement of Principles.

However, the most significant developments since the previous edition are those relating to international convergence. Internationally based standards have been adopted for audit in all sectors, and the focus is now on improvement. Adoption of International Financial Reporting Standards (IFRS) has been slower, but these are now mandatory for large group companies, and from 2008-09 will apply to central government and related public sector bodies, adapted as necessary. As well as providing background on international standard setting, the guide looks forward to issues arising from IFRS adoption and the Clarity project for audit.

CONTENTS:

• About this revised CIPFA publication
• The relationship with private sector standards and frameworks
• Increasing international influences
• Other developments

Accounting Standard Setting and Frameworks

• General standard setting frameworks for financial reporting
• Implementation approaches – FReMs, the FRAB and SORPs
• Differences from private sector financial reporting
• Key features of central government, devolved administration and health sector financial reporting
• Key features of local government financial reporting
• Key features of financial reporting by registered social landlords
• Key features of further and higher education financial reporting
• Key features of charity sector financial reporting
• Public sector and public service companies
• Key issues and future developments

Auditing Standard Setting and Frameworks

• General standard setting frameworks for ‘financial audit’
• Implementation in the public services sector
• Wider responsibilities of public service auditors
• Guidance for specific sectors
• Key issues and future developments

Appendices

• The Financial Reporting Council
• The Accounting Standards Board
• The Auditing Practices Board
• The International Accounting Standards Board and IFRS
• The International Federation of Accountants
• The International Public Sector Accounting Standards Board
• The International Auditing and Assurance Standards Board
• Adoption of international standards in the European Union
• FReM sectors, regulators, related legislation and regulations
• Legislation and regulations used to support SORP guidance
• The statutory basis for audit by the national audit agencies
• Standards arrangements for public service bodies which directly appoint their auditors
• The International Organisation of Supreme Audit Institutions
• Glossary of abbreviations

Download the Contents: Word | PDF

Download the Foreword: Word | PDF

The electronic version of this publication is also available to purchase in fully searchable pdf. The price includes a licence giving the purchasing organisation copyright waiver so the information can be shared with all its bona fide employees.

The book costs £55.00
The pdf costs £199.00 (+VAT) = £233.83