Public sector financial reporting updates: UK and International
1 March 2021: ICAEW’s Public Sector team highlights key public sector financial reporting updates covering the UK and International Public Sector Accounting Standards.
UK Central Government updates for 2020/21 reporting cycle
HM Treasury has decided to reduce the reporting requirements for departments and other government entities for the upcoming March year end. The impact of COVID is still being felt, with many finance teams remaining stretched with little spare capacity to implement new financial reporting requirements.
They have set out the minimum reporting requirements in a separate addendum to the 2020-21 Financial Reporting Manual (FReM), a copy of which can be found here. It should be noted that the reduced reporting requirements are only in place for 2020-21 and only relate to non-audited elements of the annual report. Furthermore, departments that plan to streamline their annual reports must contact their select committees in advance.