The new body, dubbed the National Accounts Commission, would set standards with the aim of producing independently verified consolidated accounts for central government.
Authored by Sir Bryan Carlsberg, currently secretary general of the International Accounting Standards Committee, the report comes in the wake of controversy surrounding the passing of the Government Resource and Accounts Act.
Sir Bryan said the conclusions had been reached ‘without regard to party political considerations’ and were intended to secure ‘high quality and transparent financial reporting by the government.’
Michael Portillo, who established the shadow body, said the Tories had pledged to set up a new accounts commission as part of the party’s economic policy.
He said: ‘It will be plain that a Conservative chancellor will subject himself to a transparent presentation of his policies.’
The shadow commission is proposing that government accounts should show liabilities, including the basic state pension; set out clear rules for accounting for PFI and include include within the accounts all public bodies controlled by government.
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Company bosses are considering relocating operations or headquarters away from the UK following the country's decision to leave the European Union