PracticeAuditPublic sector accounting revolution underway

Public sector accounting revolution underway

Work on one of the most significant changes in the financial governance of the UK public sector for a century is 'well and truly underway', according to CIPFA.

The institute said it was launching an online briefing paper to help government authorities produce the Whole of Government Accounts (WGA) announced in last year’s pre-budget report.

The project aims to provide a fully-audited view of the financial position and performance of the entire UK public sector on a true and fair basis.

Dry-runs will take place in 2004/5 and 2005/6 before the first audited and published WGA accounts land on desks for the financial year 2006/7.

The briefing paper is available at The cipfa website

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