The earlier a public body can prepare its accounts, the greater the benefits that both the body and its stakeholders can obtain.

Timely financial reporting is not about just doing the same things as before, but more quickly. Rather, it is about reviewing the body’s overall accounting and reporting arrangements and identifying new ways of working to meet earlier reporting deadlines. This recognises that the production of the year end accounts should be the final stage of the whole year accounts process.

Timely financial reporting is important to meet the needs of users of financial information. Users need information that is timely and informative because they use this information to make decisions about, or on behalf of, the public body.

The UK Government is setting tighter deadlines for public bodies to publish their accounts. Timely production of accounts will become even more important when Whole of Government Accounts are prepared. This process depends crucially on public bodies being able to submit prompt and accurate returns to the Assembly Government. Timely financial reporting helps you to do this.