Issue - meetings

To receive and consider report 90/09 of the Head of Finance. 

The committee received and considered report 90/09 of the Head of Finance that highlighted the changes that would be necessary to the way the council prepared its financial statements and to the resource implications. 

The new International Financial Reporting Standards had been introduced and the council was required to comply with these when submitting its 2010/11 financial statements for audit.  This would allow comparisons with the financial performance of other organisations. 

Implementing the new standards required staff resources to implement the new systems.  Two growth bids had been submitted for 2010/11.  The first was for additional support for the accountancy team in 2010/11; the second was for an asset accounting system. 

The committee expressed concern at the amount of work involved in implementing the new standards but recognised that the council had no alternative but to comply. 

RESOLVED

that the report be accepted but the committee notes with regret the extra burden the new standards will place on the council’s accountancy section.