DFID's Accounts are prepared in accordance with the 2011-2012 Government Financial Reporting Manual (FReM), issued by HM Treasury. The accounting policies contained in the FReM apply International Financial Reporting Standards as adapted or interpreted for the public sector context. DFID's Accounts are similar in many respects to the annual accounts prepared by private sector businesses. They contain the primary financial statements recording the full costs of activities, DFID's assets and liabilities as well as providing information on how resources have been used to meet objectives
