Government departments prepare financial statements in accordance with the International Financial Reporting Standards (IFRS) and the Government Financial Reporting Manual (FReM).57 As a result of the inclusion of the balances and transactions relating to the business-focused elements of BEIS the Department was required to prepare financial statements which were wider in scope and complexity when compared to those of DIT. These financial statements also include financial information relating ...

Government departments prepare financial statements in accordance with the International Financial Reporting Standards (IFRS) and the Government Financial Reporting Manual (FReM).57 As a result of the inclusion of the balances and transactions relating to the business-focused elements of BEIS the Department was required to prepare financial statements which were wider in scope and complexity when compared to those of DIT. These financial statements also include financial information relating to arm’s length bodies the Department is responsible for, known as a ‘departmental group’. The DIT ‘departmental group’ comprised the core department and Type: conclusion | Number: 36 | Response status: not_addressed