Briefing / Year-end survey 2017/18

The survey asked about preparedness for the year-end, issues which arose during the close-down and audit process and then looked ahead to changes in financial reporting in 2018/19 and 2019/20.

Generally, NHS bodies were well prepared for the year-end.  Guidance was available on time and there were few late changes.  Some issues were raised which will be followed up.  Third party information was generally available although there were some issues around pensions information.  The agreement of balances process was no worse than in previous years. The audit process resulted in more comments this year than in previous surveys.

Looking ahead, NHS bodies need to do more work to implement IFRSs 9 and 15 and they are very concerned about the application of IFRS 16 to the public sector.