The Audit Commission has praised councils for successfully making the transition to International Financial Reporting Standards (IFRS).
Findings from the spending watchdog's report, Auditing the accounts 2010/11, published today, show that 328 out of 356 councils had filed their accounts by 30 September 2011, six months after the end of the financial year. However, the number of councils for which the commission could not give an opinion doubled from seven last year to 14 this year, due to additional challenges posed by implementing IFRS for the first time.
