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Role of the CFO Simplification of Reporting Alison Scott Policy and Technical Assistant Director, CIPFA CIPFA Conference 2 July 2014

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Page 1: Role of the CFO Simplification of Reporting Alison Scott Policy and Technical Assistant Director, CIPFA CIPFA Conference 2 July 2014

Role of the CFO Simplification of Reporting

Alison ScottPolicy and Technical Assistant Director, CIPFA

CIPFA Conference

2 July 2014

Page 2: Role of the CFO Simplification of Reporting Alison Scott Policy and Technical Assistant Director, CIPFA CIPFA Conference 2 July 2014

• 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

Statement on Role of the CFOAims

Page 3: Role of the CFO Simplification of Reporting Alison Scott Policy and Technical Assistant Director, CIPFA CIPFA Conference 2 July 2014

Role of the CFO

Page 4: Role of the CFO Simplification of Reporting Alison Scott Policy and Technical Assistant Director, CIPFA CIPFA Conference 2 July 2014

Role of the CFO

Page 5: Role of the CFO Simplification of Reporting Alison Scott Policy and Technical Assistant Director, CIPFA CIPFA Conference 2 July 2014

• 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.

Role of the CFO – Current Issues

Page 6: Role of the CFO Simplification of Reporting Alison Scott Policy and Technical Assistant Director, CIPFA CIPFA Conference 2 July 2014

• 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.

Role of the CFO – Revised Statement

Page 7: Role of the CFO Simplification of Reporting Alison Scott Policy and Technical Assistant Director, CIPFA CIPFA Conference 2 July 2014

cipfa.org

Alison ScottAssistant Director, Policy and TechnicalCIPFAE: [email protected]

www.cipfa.org

Questions / Discussion

Page 8: Role of the CFO Simplification of Reporting Alison Scott Policy and Technical Assistant Director, CIPFA CIPFA Conference 2 July 2014

• 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

Simplification of Accounts - Background

Page 9: Role of the CFO Simplification of Reporting Alison Scott Policy and Technical Assistant Director, CIPFA CIPFA Conference 2 July 2014

• 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

Simplification of Accounts - Proposals

Page 10: Role of the CFO Simplification of Reporting Alison Scott Policy and Technical Assistant Director, CIPFA CIPFA Conference 2 July 2014

Alison ScottAssistant Director, Policy and TechnicalCIPFAE: [email protected]

www.cipfa.org

Questions / Discussion