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Whole of government accounts developments in the UK: conceptual, technical and timetable issues

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  • David Heald
  • George Georgiou

Abstract

When published, the UK's much-delayed whole of government accounts (WGA) will provide valuable incremental information on UK public finances. The WGA will complement existing fiscal indicators such as net debt, which excludes public assets other than liquid financial assets, by establishing a more complete picture. Emphasising the relevance of accounting consolidation to the public sector, this article assesses potential uses of WGA and discusses why the UK WGA timetable for publication—originally 2005--06 and now 2009--10—slipped so badly. A series of conceptual and technical issues is examined, including how the WGA boundary is defined; the emphasis the UK places on alignment with the national accounts; and the proposed treatment of taxes paid by entities within the WGA consolidation.

Suggested Citation

  • David Heald & George Georgiou, 2009. "Whole of government accounts developments in the UK: conceptual, technical and timetable issues," Public Money & Management, Taylor & Francis Journals, vol. 29(4), pages 219-227, July.
    • Handle: RePEc:taf:pubmmg:v:29:y:2009:i:4:p:219-227
    DOI: 10.1080/09540960903034976
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    Cited by:

    1. Elaine Stewart & Ciaran Connolly, 2021. "Recent UK Central Government Accounting Reforms: Claimed Benefits and Experienced Outcomes," Abacus, Accounting Foundation, University of Sydney, vol. 57(3), pages 557-592, September.
    2. Timothy C. Irwin, 2016. "Dispelling fiscal illusions: how much progress have governments made in getting assets and liabilities on balance sheet?," Public Money & Management, Taylor & Francis Journals, vol. 36(3), pages 219-226, April.
    3. Kathryn Trewavas & Nives Botica Redmayne & Fawzi Laswad, 2012. "The Impact of IFRS Adoption on Public Sector Financial Statements," Australian Accounting Review, CPA Australia, vol. 22(1), pages 86-102, March.
    4. Hyndman, Noel & Liguori, Mariannunziata & Meyer, Renate E. & Polzer, Tobias & Rota, Silvia & Seiwald, Johann, 2014. "The translation and sedimentation of accounting reforms. A comparison of the UK, Austrian and Italian experiences," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 25(4), pages 388-408.
    5. Jones Rowan & Caruana Josette, 2014. "A Perspective on the Proposal for European Public Sector Accounting Standards, in the Context of Accruals in UK Government Accounting," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 4(3), pages 265-282, December.
    6. Fawzi Laswad & Nives Botica Redmayne, 2015. "IPSAS or IFRS as the Framework for Public Sector Financial Reporting? New Zealand Preparers’ Perspectives," Australian Accounting Review, CPA Australia, vol. 25(2), pages 175-184, June.
    7. Ferry, Laurence & Midgley, Henry & Haslam, Jim, 2024. "Democracy, accountability, accounting and trust: A critical perspective reflecting on a UK Parliamentary inquiry into the role of government accounts," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 99(C).

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