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Old wine in new bottles: IFRS adoption in NHS foundation trusts

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  • Sheila Ellwood
  • Javier Garcia-Lacalle

Abstract

UK public sector organizations, including NHS foundation trusts, have changed to International Financial Reporting Standards (IFRS). Treasury aims were ‘to bring benefits in consistency and comparability between financial reports in the global economy and to follow private sector best practice’. This comparative analysis of foundation trusts' financial statements under IFRS shows worse financial results and lower surpluses for the year, higher values of fixed (non-current) assets and more indebtedness than under UK GAAP. Implications of the new accounting regime on comparability and transparency of NHS organizations are discussed—some wine shows improvement, while other wine looks worse in the new bottles.

Suggested Citation

  • Sheila Ellwood & Javier Garcia-Lacalle, 2012. "Old wine in new bottles: IFRS adoption in NHS foundation trusts," Public Money & Management, Taylor & Francis Journals, vol. 32(5), pages 335-342, September.
    • Handle: RePEc:taf:pubmmg:v:32:y:2012:i:5:p:335-342
    DOI: 10.1080/09540962.2012.703411
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    Cited by:

    1. Sheila Ellwood, 2016. "Editorial," Public Money & Management, Taylor & Francis Journals, vol. 36(3), pages 157-161, April.
    2. Anita Golovkova, 2020. "IFRS implementation in healthcare facilities in the United Kingdom: (un)intended effects [Implementace IFRS ve zdravotnických zařízeních ve Velké Británii - (ne)zamyšlené dopady]," Český finanční a účetní časopis, Prague University of Economics and Business, vol. 2020(3-4), pages 53-70.
    3. Sheila Ellwood, 2014. "Debate: Autonomy, governance, accountability and a new audit regime," Public Money & Management, Taylor & Francis Journals, vol. 34(2), pages 139-141, March.
    4. Anita Golovkova, 2020. "IFRS implementation in healthcare facilities in the United Kingdom: (un)intended effects [Implementace IFRS ve zdravotnických zařízeních ve Velké Británii – (ne)zamyšlené dopady]," Český finanční a účetní časopis, Prague University of Economics and Business, vol. 2020(3-4).
    5. Sheila Ellwood & Susan Newberry, 2016. "New development: The conceptual underpinnings of international public sector accounting," Public Money & Management, Taylor & Francis Journals, vol. 36(3), pages 231-234, April.

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