A report to the House of Commons and devolved administrations that discusses international reporting and convergence issues and other accounting issues considered during the period.

This Report to the House of Commons and devolved administrations discusses international reporting and convergence issues and other accounting issues considered during the period. It welcomes new developments in 2007-08 and looks forward to the future challenges, including continuing to prepare for government financial reporting based on international accounting standards from 2008-09. The Report notes that the United Kingdom has high standards of financial reporting and is among the world leaders in public sector accounting. However, it does identify concerns in some areas.