Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« General »
Open DEMAT Account in 24 hrs
 How to calculate income tax on stock market gains along with your salary?
 Moonlighting for Additional Income? Know Its Tax Implications
 Have you claimed education cess? Be prepared to pay tax as per the new rules
 Reserve Bank - Integrated Ombudsman Scheme, 2021 (RBIOS, 2021)
 How is tax computed for selling a house?
 How much tax do you pay on equity investments?
 Fuel taxes: Centre s gains striking since FY16
 Tax rules for NRIs on sale of assets located in India
 ITR filing: Know tax rules that apply to freelancers in India
 Delhi Real Estate News: NDMC extends last date for property tax payment with amnesty scheme
 Citizens must file THESE ITR related forms before due date Income Tax Returns

PwC warns of need to prepare for new accounting practices
March, 11th 2010

The financial reporting arrangements of local authorities will be affected by the introduction of new accounting practices, it has been claimed.

Speaking to the Birmingham Post, PricewaterhouseCoopers partner and assurance expert Andy Hammond warned councils of the potential impacts of the International Financial Reporting Standards (IFRS), which must be used to prepare financial statements from next year.

He said it is vitally important that local authorities begin to adopt the new reporting standards as soon as possible, helping to ensure that problems are avoided with their 2010-11 accounts.

"Moving to IFRS can be a major project and will affect all areas of an organisation, not just the finance department," he claimed.

"Our experience from other parts of the public sector which have already converted to IFRS, is that the task is not to be underestimated."

Mr Hammond told the news provider that a failure to make a successful transition to IFRS could cause "significant reputational damage" to individual local government authorities.

The International Accounting Standards Board is responsible for governing the International Financial Reporting Standards.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting