Financial clarity aim
After about a year's work, the Council has adopted International Financial Reporting Standards (IFRS), a decision that according to Audit NZ and Price Waterhouse Coopers puts the Council ahead of others across the country. Diane Brandish, the Corporate Finance Manager, says the international system for putting together an organisation's accounts is valuable because it will enable people to more easily understand and weigh up the Council's finances.
Achieving IFRS has meant reviews of all accounting policies and systems across Council, the investment arm City Holding Ltd and its subsidiaries to identify changes, issues and required approvals. The final meeting was held in early February and the Council will adopt the system from the financial year starting on 1 July. |
