NIPS Annual Report and Accounts 2012-13 - Department of Justice

ANNUAL
REPORT
and Accounts
1.26 Accounting standards, interpretations and amendments to published standards adopted in the year
ended 31 March 2013
Chapter in Area Description Comments
FReM affected of revision
2012-13
7 Accounting for Reporting entities participating in the CRC Energy
the Carbon
Efficiency Scheme will need to account for assets,
Reduction
liabilities and expenses related to the scheme. This
Commitment
is initially at cost. If there is evidence of an active
(CRC) Energy
market, scheme assets should be measured at fair
Efficiency
value.
Scheme
If payments made represent a prepayment for
future years NIPS will account for the related
assets, liabilities and expenses.
9 Financial
instruments:
Disclosures
(annual
improvements)
Increased disclosure
requirements for transfers
of financial assets. Where
entities have transferred
financial assets outside of
the legal body, disclosures
are required to reflect the
impact of this, particularly
where the entity retains
some form of interest in
those assets.
The FReM applies IFRS 7 in full, and the
expectation is that it will continue to do so. This
will incorporate these increased disclosures.
The increased disclosure requirements have an
immaterial impact on the NIPS accounts, as NIPS
is unlikely to transfer the financial assets.
The N.I. Prison Service has reviewed the remaining standards, interpretations and amendments to published
standards that became effective during 2012-13 and which are relevant to its operations. The adoption of these
standards has not had a significant impact on the financial position or results of the N.I. Prison Service.
1.27 Accounting standards, interpretations and amendments to published standards not yet effective
The N.I. Prison Service has reviewed the additional or revised accounting standards and new (or amendments to)
interpretations contained within the Government Financial Reporting Manual (FReM) 2013-14 and considers that
these changes are not relevant to its operations.
80
In addition, certain new standards, interpretations and amendments to existing standards have been published that
are mandatory for accounting periods beginning on or after 1 April 2011 or later periods, but which the N.I. Prison
Service has not adopted early. Other than as outlined in the table below, the N.I. Prison Service considers that these
standards are not relevant to its operations.