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Darling defers IFRS.

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The UK government has delayed implementing international financial reporting standards (IFRS) for the public sector for another year. In his 2008 budget the chancellor, Alistair Darling (pictured), recognised the scale of the challenge, particularly in relation to private finance initiative (PFI) accounting, and announced that government accounting policies will now require full implementation of IFRS for the year ending March 31,2010. This means that PFI will remain off balance sheet for a further year.

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Mark Williams, a member of Deloitte's government accounting advisory team, pointed out that the private sector had had five years to make the transition to IFRS. Although no firms missed that deadline, there were times when failure seemed possible...

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