Recommendation 1

Based on the Whole of Government Accounts (WGA) for the year ended 31 March 2020, we took evidence from HM Treasury (the Treasury) on 8 June 2022.1 The WGA is a unique document which provides the most complete and accurate picture available of the UK public sector finances.2 It is a set of financial statements prepared in accordance with International Financial Reporting Standards (IFRS) and the Government Financial Reporting Manual (FReM).3 It brings together information on the financial performance and position of over 10,000 organisations across the UK public sector, including: central government departments; local authorities; devolved administrations; the NHS; academy schools; and public corporations such as the Bank of England.45 The Treasury published the 2019–20 WGA on 6 June 2022, 26 months after the end of the financial year.6