Whole of Government Accounts
Encyclopedia
Whole of Government Accounts (WGA) is a transparency
and accountability
project of HM Treasury
of the United Kingdom
. It aims to provide more complete data for fiscal planning by producing consolidated financial statements
. The accounts are independently audited
by the Comptroller and Auditor General
.
(central government
, local government
, health
, and public corporations
). WGA are prepared under International Financial Reporting Standards
.
- consolidated Statement of Revenue and Expenditure;
- consolidated Statement of Financial Position, showing public sector assets and liabilities;
- consolidated Cash Flow Statement; and
- a Statement on Internal Control.
As this is the first year in which WGA is published, there is no historical data for comparison. Over time, annual publications of WGA will allow the user to build up a clear and consistent picture of trends and changes in the Government’s fiscal position. WGA also allows for international comparisons of fiscal balance sheets to be made, provided that other countries’ accounts are produced on a comparable basis.
The accounts are available on the UK's Treasury website: http://www.hm-treasury.gov.uk/wga.
The C&AG audited the 2009-10 WGA and concluded:
"In my opinion, except for the effects of the matters described in the Basis for Qualified Opinion paragraphs above:
The C&AG report on the 2009-10 WGA is available on the National Audit Office's website: http://www.nao.org.uk/publications/1012/wga_2009-10.aspx.
Transparency (social)
Transparency is a general quality. It is implemented by a set of policies, practices and procedures that allow citizens to have accessibility, usability, utility, understandability, informativeness and auditability of information and process held by centers of authority...
and accountability
Accountability
Accountability is a concept in ethics and governance with several meanings. It is often used synonymously with such concepts as responsibility, answerability, blameworthiness, liability, and other terms associated with the expectation of account-giving...
project of HM Treasury
HM Treasury
HM Treasury, in full Her Majesty's Treasury, informally The Treasury, is the United Kingdom government department responsible for developing and executing the British government's public finance policy and economic policy...
of the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
. It aims to provide more complete data for fiscal planning by producing consolidated financial statements
Financial statements
A financial statement is a formal record of the financial activities of a business, person, or other entity. In British English—including United Kingdom company law—a financial statement is often referred to as an account, although the term financial statement is also used, particularly by...
. The accounts are independently audited
Auditor independence
Auditor independence refers to the independence of the internal auditor or of the external auditor from parties that may have a financial interest in the business being audited.Independence requires integrity and an objective approach to the audit process...
by the Comptroller and Auditor General
Comptroller and Auditor General
Comptroller and auditor-general is the abbreviated title of a government official in a number of jurisdictions, including the UK, the Republic of Ireland, India, and China....
.
Background
The Treasury first published a scoping study for WGA in July 1998. The first set of accounts to be published will be for the year ended 31 March 2010. WGA are prepared under Sections 9 to 11 of the Government Resources and Accounts Act 2000. WGA are prepared for the whole of the UK public sectorPublic sector
The public sector, sometimes referred to as the state sector, is a part of the state that deals with either the production, delivery and allocation of goods and services by and for the government or its citizens, whether national, regional or local/municipal.Examples of public sector activity range...
(central government
Government of the United Kingdom
Her Majesty's Government is the central government of the United Kingdom of Great Britain and Northern Ireland. The Government is led by the Prime Minister, who selects all the remaining Ministers...
, local government
Local government in the United Kingdom
The pattern of local government in England is complex, with the distribution of functions varying according to the local arrangements. Legislation concerning local government in England is decided by the Parliament and Government of the United Kingdom, because England does not have a devolved...
, health
National Health Service
The National Health Service is the shared name of three of the four publicly funded healthcare systems in the United Kingdom. They provide a comprehensive range of health services, the vast majority of which are free at the point of use to residents of the United Kingdom...
, and public corporations
Government-owned corporation
A government-owned corporation, state-owned company, state-owned entity, state enterprise, publicly owned corporation, government business enterprise, or parastatal is a legal entity created by a government to undertake commercial activities on behalf of an owner government...
). WGA are prepared under International Financial Reporting Standards
International Financial Reporting Standards
International Financial Reporting Standards are principles-based standards, interpretations and the framework adopted by the International Accounting Standards Board ....
.
Results for FY 2010
The Whole of Governments Accounts for the year ended 31 March 2010 was published on 29 November 2011. It is the first ever set of audited financial statements for the UK public sector. The 2009-10 WGA brings together, for the first time, audited financial information from the UK’s central government, local government, the National Health Service (NHS) and public corporations. It makes clear a number of metrics that previously had been difficult to calculate, such as the net public service pension liability, the Government’s commitments under Private Finance Initiative (PFI) contracts, total provisions, and contingent liabilities. In particular, the account includes:- consolidated Statement of Revenue and Expenditure;
- consolidated Statement of Financial Position, showing public sector assets and liabilities;
- consolidated Cash Flow Statement; and
- a Statement on Internal Control.
As this is the first year in which WGA is published, there is no historical data for comparison. Over time, annual publications of WGA will allow the user to build up a clear and consistent picture of trends and changes in the Government’s fiscal position. WGA also allows for international comparisons of fiscal balance sheets to be made, provided that other countries’ accounts are produced on a comparable basis.
The accounts are available on the UK's Treasury website: http://www.hm-treasury.gov.uk/wga.
Audit Report
The Whole of Government Accounts are subject to audit by the Comptroller & Auditor General (C&AG).The C&AG audited the 2009-10 WGA and concluded:
"In my opinion, except for the effects of the matters described in the Basis for Qualified Opinion paragraphs above:
- the financial statements give a true and fair view of the state of the affairs of the Whole of Government as at 31 March 2010 and of its net deficit, changes in taxpayers’ equity and cash flows for the year then ended; and
- the financial statements have been properly prepared in accordance with the Government Resources and Accounts Act 2000.”
The C&AG report on the 2009-10 WGA is available on the National Audit Office's website: http://www.nao.org.uk/publications/1012/wga_2009-10.aspx.