[1] It aims to provide more complete data for fiscal planning by producing consolidated financial statements which are produced in accordance with the International Financial Reporting Standards (IFRS), the system of accounts used internationally by the private sector.
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.
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 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.