News / Accounts guides take fresh look

The HFMA and the Audit Commission have issued updates to their popular series of non-executive director accounts guides.

The guides covering primary care trusts and trusts were first published in 2007 with an FT version released in 2008. They aim to demystify the annual accounts for NEDs, supporting them in their scrutiny role.

The guides provide easy-to-follow explanations of the four primary statements, examining the main concepts and explaining

the roles of key players such as the external auditor. They also suggest key questions to help NEDs assure themselves that the financial statements represent a true and fair view of their organisation’s finances.

While the guides remain relevant, the new updates provide details of important changes made to accounting practices since the guides were published and are intended to be read alongside the original published guides.

The updates are available for download – along with the original publications – from the HFMA and Audit Commission websites.

The commission and the HFMA are planning a major release of the guides next year to support the preparation of 2009/10 accounts under new international financial reporting standards.

See www.hfma.org.uk or www.audit-commission.gov.uk to download the update