Timely financial reporting

There are around 850 public bodies in Wales and together they spend over £20 billion each year.

Each of these bodies must prepare an annual statement of accounts. To improve financial management in the public sector, there is a need to report financial results as soon as possible during the year and after the year end. This supports improvements in resource management, decision making and risk management as well as supporting public bodies respond to regulation which brings forward the financial reporting deadlines.

This guide helps you plan for and deliver faster closing of your body's accounts ie, improve the timeliness of your financial reporting.

This guide includes:

• What is timely financial reporting;
• What are the benefits;
• What are the challenges; and
• Are you involved?

This guide is written for public bodies and their external auditor. It helpfully provides:

How you do it	Changing the culture;  Planning and introducing;  Working in year; and Closing and reporting.
Jargon buster	Our helpful definitions will assist you through the terminology used.
Timely financial reporting case studies	Proven good practice from the public and private sectors to assist you.