Government accounts delay ‘disappointing’

Panel of accounting experts tell government that delays to the Whole of Government Accounts project are ‘disappointing’

Written by Penny Sukhraj

Accountancy Age, 28 Jun 2007

A panel of accounting experts have told the government that delays to the Whole of Government Accounts project are ‘disappointing’.

The Treasury conceded earlier this year that the project would only be up and running in 2008/09, as opposed to 2006/07.

The project has been delayed so it can come in with the transition to IFRS, the government has said.

The report from government body, The Financial Reporting Advisory Board, also acknowledged the working group’s advice to the Treasury to withdraw the contentious Private Finance Initiative technical note – which prevented government debt from being on the balance sheet.

However, the switch by government to IFRS means the technical note is no longer needed.

FRAB’s chairman, Elwyn Eilledge, said: ‘The challenge for the Treasury is now to build on this work and develop its proposalsfor accounting for PFI under IFRS to achieve consistency of accounting treatment.