Adrian Byrne dissects NHS bodies ahead of IFRS 8 treatment.

Many public sector entities, including NHS bodies, will report using International Financial Reporting Standards (IFRS) for the first time this year.

In restating UK GAAP-based financial information, NHS trusts, primary care trusts (PCTs) and foundation trusts have been able to benefit from the corporate sector’s experience in adopting IFRS. However, with the NHS adopting IFRS 8, Operating Segments, on broadly the same timetable as listed companies, there is limited precedent to refer to.