PracticePeople In PracticeResource and Accounts Bill will miss large sections of the public sector

Resource and Accounts Bill will miss large sections of the public sector

Efforts to introduce resource accounting to government departments will fail to cover a significant proportion of public sector accounts, according to the Tory party.

The comments reinforce claims by the Commons Public Accounts Committee that the Bill, which will introduce commercial accounting practices to government departments, is a ‘missed opportunity’.

The Tories also claimed the Bill would allow the Government to continue with ‘creative accounting’.

Deficiencies in the Bill would need to be remedied with the creation of a National Accounts Commission which would set Statements of National Practice to parallel Statements of Standard Accounting Practice already used in the private sector.

Launching a scathing attack on the Bill, Oliver Letwin, shadow financial secretary for the Treasury, said: ‘Instead of definitions and clarity and independently determined standards, it offers only discretion for the Treasury to determine everything.’

The Tories claim the Bill does not cover income from tax and duties and will therefore not prevent attempts to alter public expenditure and income by reclassifying account items.

MPs raise constitutional fears over Resource Accounting Bill

Related Articles

Is inefficiency stealing your time and money?

Accounting Firms Is inefficiency stealing your time and money?

4m Emma Smith, Managing Editor
CIMA elects new president

Institutes CIMA elects new president

4m Emma Smith, Managing Editor
Transparent currency trade: How to achieve costs visibility

Governance Transparent currency trade: How to achieve costs visibility

4m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

8m Emma Smith, Managing Editor
MHA MacIntyre Hudson advises on management buy-out

Accounting Firms MHA MacIntyre Hudson advises on management buy-out

8m Emma Smith, Managing Editor
Introduction to KPMG UK’s new leadership team

Accounting Firms Introduction to KPMG UK’s new leadership team

4m Emma Smith, Managing Editor
EY appoints head of UK Infrastructure Asset Intelligence practice

Accounting Firms EY appoints head of UK Infrastructure Asset Intelligence practice

6m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

8m Emma Smith, Managing Editor