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IFRS Roundtable

IFRS Roundtable. Estimates and Budgeting Kirstin Baker, GEP. Spending Framework. Determine overall envelope for capital and resource spending allocated at Spending Reviews. Fiscal rules. Budgets Split into DEL/AME and capital/resource

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IFRS Roundtable

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  1. IFRS Roundtable Estimates and Budgeting Kirstin Baker, GEP

  2. Spending Framework Determine overall envelope for capital and resource spending allocated at Spending Reviews Fiscal rules Budgets Split into DEL/AME and capital/resource Aim to (i) control against fiscal rules and (ii) incentivise vfm Estimates Annual Parliamentary approval for spending in budgets Report annual spending on a departmental basis. Follow UKGAAP or IFRS “as adapted for the public sector”. Resource Accounts

  3. Timeline February 09 Spring supps on IFRS basis In-year reporting on IFRS basis June 08 7/8 Resource Accounts on UKGAAP basis Summer/Autumn 08 7/8 Resource Accounts restated on IFRS basis Departments discuss any significant changes with HMT November 08 Winter Supps on UKGAAP basis January 09 SCOA structure on COINS moved to IFRS basis April 08 Main Estimates on UKGAAP basis In-year reporting on UKGAAP basis

  4. Budgets • Only minor changes are expected • Departments should discuss any potential changes with HMT summer/Autumn 08 • Budgeting guidance will be revised Winter 08 as necessary • Budgets will be adjusted as necessary Spring 09 after consulting departments

  5. Potential budgetary impacts • Financial instruments • Untaken leave • Borrowing costs – capitalised interest • Infrastructure assets – renewals accounting • Agricultural assets • Impairments – revaluation reserve • PFI

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