CIPFA welcomes Whole of Government Accounts report

11-04-2013

Responding to the publication of the House of Commons’ Public Accounts Committee’s report on the Whole of Government Accounts, Steve Freer, CIPFA's Chief Executive, said,

“We fully support the Committee’s call for a clear plan to continue to improve the Whole of Government Accounts so that they can be used more effectively to support decision making. The primary and most urgent challenges are to address current audit qualifications and to achieve more timely publication."

"The UK has made a significant investment through WGA which positions it at the forefront of good practice in government reporting internationally. We now need to reap the dividend of that investment by ensuring that information from WGA is used for decision making and to inform public understanding and debate about the health of the public finances."

"In practice, use of information from WGA for these purposes is likely to develop gradually over time. It would be tremendously helpful if the Treasury itself made a point of using information from WGA in economic statements."

“CIPFA, as the standard-setter in local government, remains committed to supporting HM Treasury as it strives to achieve these improvements.” 

ENDS

Contact: Matthew Patterson

CIPFA Press Office

t 0207 543 5787

e Matthew.Patterson@cipfa.org.uk

Notes to Editors:

  • The Government’s announcement and the Whole of Government Accounts can be viewed here: http://www.hm-treasury.gov.uk/press_102_12.htm
  • The WGA supplements National Accounts information by providing more information on assets and liabilities.
  • One new qualification relates to the valuation of schools’ assets included in the WGA.  This arises in part because central government departments consolidate other bodies in their accounts on the basis of the Office for National Statistics classification whereas other parts of the public sector consolidate on the basis of IFRS.  This is an area requiring further work and CIPFA is engaging with all interested stakeholders to address this qualification.