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

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.