To report on the progress for implementing International Financial Reporting Standards (IFRS).

The Technical Accounting Manager presented the report on International Financial Reporting Standards and informed Members that due to officers working on the Local Government Finance Settlement, there had been some slippage with the work programme, however, it was expected that the programme would be back on line and key elements achieved by the end of March.  Members were informed that:

• All Government grants at 31 March 2009 and 31 March 2010 had been restated.
• Reviewed the Council’s contract with Fosca and no embedded leases had been found.
• Holiday accruals for 2008/09 and 2009/10 had been calculated for schools based staff.
• Assets requiring re-categorisation had been identified and valuations were being carried out.
• Guidance notes had now been received from CIPFA and all work would be reviewed to ensure compliance.
• It was noted that the PCT was already in compliance with IFRS.

The Committee commended the Technical Accounting Manager and her team for the work carried out.

RESOLVED: That the report be noted.