The introduction of IFRS was a government decision in 2007 ‘to improve consistency and comparability’ and ‘to follow private sector best practice’. CIPFA recognises how complicated accounts have become and DLUHC has committed to looking at what can be done to make them more accessible.
Please note that the implementation of IFRS16 has been delayed until 2024, following the CIPFA/LASAAC emergency consultation in March 2022.