Accountants working in the public sector should press ahead with their plans to implement International Financial Reporting Standards (IFRS), two leading professional bodies have advised.
In last week's Budget it was announced that the government has decided to postpone its adoption of IFRS by 12 months.
However, Sumita Shah, technical manager for the Institute of Chartered Accountants in England and Wales, said that public sector bodies cannot afford to be complacent about IFRS, despite being given more time to plan for the change.
"This just gives them another year to make sure they have the proper systems, process and internal controls in place," said Ms Shah.
Chris Wobschall, assistant director of policy for the Chartered Institute of Public Finance and Accountancy, added that public sector finance professionals should "redouble their efforts to get their departments compliant as soon as they possibly can".
The Financial Reporting Advisory Board recently described the news that the National Health Service and Ministry of Defence would not be ready to implement IFRS this year as "disappointing".
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