Brexit & EconomyPoliticsGovernment accounts delay ‘disappointing’

Government accounts delay ‘disappointing’

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

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.

Related Articles

Financial Secretary to the Treasury on cryptocurrency, Brexit and taxing the digital economy

Brexit Financial Secretary to the Treasury on cryptocurrency, Brexit and taxing the digital economy

4w Alia Shoaib, Reporter
HMRC’s refusal to raid top Tory donor Lycamobile to be investigated by MPs

Big Four HMRC’s refusal to raid top Tory donor Lycamobile to be investigated by MPs

4w Alia Shoaib, Reporter
Spring Statement 2018: Spring has sprung as chancellor finds his inner Tigger

Budget Spring Statement 2018: Spring has sprung as chancellor finds his inner Tigger

2m Emma Smith, Managing Editor
Spring Statement live feed

Budget Spring Statement live feed

2m Emma Smith, Managing Editor
Spring Statement 2018: 5 things to look out for

Brexit & Economy Spring Statement 2018: 5 things to look out for

2m Alia Shoaib, Reporter
Financial Secretary to the Treasury on Brexit, Spring Statement, Making Tax Digital and Carillion

Politics Financial Secretary to the Treasury on Brexit, Spring Statement, Making Tax Digital and Carillion

4m Emma Smith, Managing Editor
David Davis, Secretary of State for Exiting the European Union

Brexit & Economy David Davis, Secretary of State for Exiting the European Union

4m Alia Shoaib, Reporter
Philip Hammond, Chancellor of the Exchequer

Brexit & Economy Philip Hammond, Chancellor of the Exchequer

4m Alia Shoaib, Reporter