PracticeAuditParliament last to adopt resource accounting

Parliament last to adopt resource accounting

Parliament is to be one of the last public bodies to change to resource accounting and budgeting - despite passing the legislation that has compelled all central government departments to do so.

The annual report of the House of Commons Commission states that the accounts being prepared for 2001/2002, to be published later this year, ‘will be the first issued resource accounts for the House of Commons’.

At the same time the commission has added charity commissioner David Taylor FCA as an additional external member of it’s audit committee.

The clerk of the house and director of finance have ceased to be members of the audit committee to enable it to comprise non-executive members – but are to continue attending its meetings.

The resource accounting method is designed to ensure the full economic costs of government activity are measured in a way similar to the private sector by including non-cash costs and measuring the full cost of holding and using assets.

As part of the process, the government has been forced to value all its assets.

Related Articles

PwC replaces EY as Domino's auditor

Audit PwC replaces EY as Domino's auditor

2d Alia Shoaib, Reporter
The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

Audit The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

1w Carl Johnson, Stephensons
BDO holds off Big Four to retain top position as AIM auditor

Audit BDO holds off Big Four to retain top position as AIM auditor

1w Alia Shoaib, Reporter
FRC urged to fine Big Four firms penalties over £10m

Audit FRC urged to fine Big Four firms penalties over £10m

3w Alia Shoaib, Reporter
EY to audit Standard Chartered bank

Audit EY to audit Standard Chartered bank

1m Alia Shoaib, Reporter
KPMG replaces PwC as Croda auditor

Accounting Firms KPMG replaces PwC as Croda auditor

2m Emma Smith, Managing Editor
EY fined £1.8m over Tech Data audit

Accounting Standards EY fined £1.8m over Tech Data audit

2m Emma Smith, Managing Editor
Top 50+50: Firms post significant growth in new tax and audit rankings

Audit Top 50+50: Firms post significant growth in new tax and audit rankings

2m Emma Smith, Managing Editor