Whole of Government Accounts (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. 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:
- a consolidated Statement of Revenue and Expenditure;
- a consolidated Statement of Financial Position, showing public sector assets and liabilities;
- a consolidated Cash Flow Statement; and
- a Statement on Internal Control.
The aim of WGA is to enable Parliament and the public better to understand and scrutinise how taxpayers’ money is spent. By presenting the public finances in a framework familiar to the commercial and accountancy professions, WGA increases transparency and accessibility of information about public finances.
Please email firstname.lastname@example.org or write to:
Whole of Government Accounts
1 Horse Guards Road