RAM helps Wealden District Council to comply with IFRS, CIPFA code of practice and new audit regulations

RAM helps Wealden District Council to comply with IFRS, CIPFA code of practice and new audit regulations


Customer

Wealden District Council

Industry

Local Authority

Challenge

Maintaining detailed asset records that are audit and IFRS compliant.

Solution

RAM's capital accounting module for local authorities.

Council improves efficiency with RAM’s Capital Accounting software

Wealden District Council has selected Real Asset Management (RAM) to help better maintain detailed asset records so that they are audit and IFRS compliant. RAM’s software will also assist the Council in working towards faster financial closedown, which it needs to do by 2017/2018 when new audit regulations come into force. This will require draft accounts to be published a month earlier and audited accounts two months earlier than they currently are.

Wealden District Council is based in East Sussex and has adopted RAM’s solution to support the Council in making the transition from manually maintained spreadsheet records to a fully automated fixed asset management system and will assist with managing all component accounting requirements.

Gillian Taberner, Finance Manager (Accounting & Control) at Wealden District Council comments, “Prior to working with RAM, we held fixed asset data in a spreadsheet system. Over time, however, we found that whilst updating data on separate spreadsheets was fine for audit purposes, we needed to find a system that would not only be audit and fully IFRS compliant but one that would provide easy transaction reconciliation, transparency of the asset base and automatically produce the local government year end note to the accounts.

“As a partner of RAM, Advanced Business Solutions (ABS) recommended its capital accounting software to us as it fully integrates with the ABS general ledger solution - eFinancials. We also researched other asset management solutions ourselves and found that feedback on many of them was that they were great in some aspects but weak in others. When we saw the demonstration of RAM’s software, it just seemed to do everything that we needed it to do.