The revised draft legislation for the introduction of the Standard Financial Statement has now been laid in Parliament and is expected to come into force on 1 April 2019 (subject to parliamentary approval).
If approved, this will mean the method to assess a debtor’s income and expenditure using the Common Financial Tool will change from the Common Financial Statement to the Standard Financial Statement from 1 April 2019.
A training site for the Standard Financial Statement will be introduced by AiB prior to the introduction of the new regulations.
An article with a presentation comparing the Common Financial Statement with the Standard Financial Statement was published on our website earlier this year and can be accessed here.
The draft legislation can be viewed on the legislation.gov.uk (link is external) website.