Here is our 2021 update to the model financial statements for government departments, using the public benefit entity (PBE) Accounting Requirements for Tier 1 and Tier 2 entities.
The model financial statements, including certain disclosure requirements of the Public Finance Act 1989 and Treasury Instructions, are only part of what is required to be included in a government department’s annual report.
The model financial statements have been updated to reflect the adoption of:
Pages 6 to 7 of the model financial statements highlight the main updates since they were previously published in 2017.
This 2021 update is the first government department model financial statements we have published since PBE IFRS 9 Financial Instruments and PBE IPSAS 39 Employee Benefits were adopted in the financial statements of the Government in 2019 and 2020 respectively.
We welcome any feedback on the application of these model financial statements to government departments, or any other comments, that may help with future updates of the model financial statements.
Page created: 22 July 2021