Issue - meetings

To receive a verbal update from the Head of Finance. 

Bob Watson, Chief Accountant, reported on the council’s compliance with the new international financial reporting standards.  The council was preparing to adapt its accounting practices and reporting to comply with the new standards for the 2010/11 accounts.  Once the 2009/10 accounts had been approved, the council would prepare a revised version in line with the new standards to use as a baseline for the 2010/11 accounts.  The officers were also working with neighbouring councils to learn how best to do this.  The committee welcomed the progress made and asked for a further update at the next meeting. 

RESOLVED

To request a further update in January 2011 on the council’s preparations for compliance with the new international financial reporting standards.