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Role of the CFO Simplification of Reporting

Role of the CFO Simplification of Reporting. Alison Scott Policy and Technical Assistant Director, CIPFA CIPFA Conference 2 July 2014. Statement on Role of the CFO Aims. To promote the role and importance of the CFO

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Role of the CFO Simplification of Reporting

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  1. Role of the CFO Simplification of Reporting Alison ScottPolicy and Technical Assistant Director, CIPFA CIPFA Conference 2 July 2014

  2. Statement on Role of the CFO Aims • To promote the role and importance of the CFO • To be the definitive source on CIPFA’s expectations of members in the role • To provide guidance

  3. Role of the CFO

  4. Role of the CFO

  5. Role of the CFO – Current Issues • Joint management teams. • Support services provided through either public service joint arrangements or through outsourcing. • Services provided through third parties. • Potential for conflicts of interest.

  6. Role of the CFO – Revised Statement • To deal more explicitly with partnerships and third party provision. • Revised statement to be published late 2014. • Currently seeking initial views and thoughts. • Wider consultation over the summer.

  7. Questions / Discussion Alison Scott Assistant Director, Policy and Technical CIPFA E: alison.scott@cipfa.org www.cipfa.org

  8. Simplification of Accounts - Background • Long standing projects for both CIPFA/LASAAC and HMT • Good practice guide December 2013 • Updated “Telling the Story”, July 2014 • CFOs “getting out the red pen” • Integrated reporting project • Revised Accounts and Audit Regulations

  9. Simplification of Accounts - Proposals • Aims • To make the Statement of Accounts more relevant to the individual authority. • To improve accessibility and promote understanding • To maintain financial reporting standards • Suggested approach • Look for opportunities to cut out immaterial information • Implement Narrative Reporting • Align the CIES with individual authority budget structures • Take a fresh look at MiRS

  10. Questions / Discussion Alison Scott Assistant Director, Policy and Technical CIPFA E: alison.scott@cipfa.org www.cipfa.org

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