An unaudited summary of these accounts was published in July. This is the second time the full audited accounts have been published, following last year’s publication of accounts for 2009-10.
The Government was the first in the world to publish fully audited WGA that extends beyond central Government to cover all the public sector, including local authorities, devolved administrations, the health service, academies and public corporations. Today’s publication marks a further step in increasing the transparency and accessibility of the public finances.
WGA is a consolidated set of financial statements for the UK public sector. It consolidates the audited accounts of over 1,500 organisations across the public sector, including central government departments, local authorities, devolved administrations, the health service, academies and public corporations, in order to produce a comprehensive, accounts-based picture of the fiscal position in any one year.
WGA is based on EU adopted International Financial Reporting Standards (IFRS), the system of accounts used internationally by the private sector, as adapted or interpreted for the public sector context, and is similar in presentation to private sector accounts. It complements the National Accounts figures, produced by the Office for National Statistics (ONS), by providing a set of financial statements based on standards familiar to users of private sector accounts.