The Whole of Government Accounts (Designation of Bodies) Order 2024
On November 5, 2024, the UK government introduced the Whole of Government Accounts (Designation of Bodies) Order 2024. This order designates certain bodies as “public sector entities” for the purposes of the Whole of Government Accounts (WGA).
Background
The WGA is a framework for managing and reporting on the financial activities of the UK government. It aims to provide a comprehensive and transparent view of the government’s finances, and to ensure that they are managed in a sustainable and efficient way.
The Order
The order designates the following bodies as public sector entities:
- The Bank of England
- The Financial Conduct Authority
- The Ministry of Defence Police
- The National Crime Agency
- The Serious Fraud Office
- The UK Border Force
- The UK Competition and Markets Authority
- The UK Health Security Agency
- The UK Home Office
- The UK Met Office
- The UK National Cyber Security Centre
- The UK National Health Service
- The UK Office for National Statistics
- The UK Revenue and Customs
These bodies are now required to prepare and publish financial statements in accordance with the WGA framework. This will provide greater transparency and accountability for their financial activities.
Impact
The order is expected to have a significant impact on the designated bodies. They will need to make changes to their accounting and reporting systems in order to comply with the WGA framework. This could involve significant costs and resources.
However, the order is also expected to bring benefits. The WGA framework will provide a more comprehensive and transparent view of the government’s finances. This will help to improve financial decision-making and accountability.
Conclusion
The Whole of Government Accounts (Designation of Bodies) Order 2024 is a significant step in the implementation of the WGA framework. It will help to improve the transparency and accountability of the UK government’s finances.
The Whole of Government Accounts (Designation of Bodies) Order 2024
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