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.

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