Source · Select Committees · Public Accounts Committee
Recommendation 39
39
Merging predecessor departments' financial information for three years proved a huge endeavour.
Conclusion
The Department explained challenges it faced in being required to merge the financial information of its predecessor departments to present three years of financial information. As instructed by the FReM, the Department was required to restate comparatives for the previous period in accordance with IAS 1 Presentation of Financial Statements.62 This required the production and audit of three statements of financial position, in addition to comparatives for all other relevant statements and notes in the financial statements and comparatives in the Annual Report. The Department described the amount of work to produce and audit this information as a “huge endeavour”.63