The Treasury has released the audited Government’s Accounts for the year to 31 March 2008.
These Accounts are the financial report style version of the Accounts and have been subject to audit by the Public Auditors. In accordance with the Audit Act 2006 they have been formally laid before the October 2008 sitting of Tynwald. The detailed, unaudited management version of the Accounts was issued earlier in the year, in May 2008 (Detailed Government Accounts, GD 019/08).
The Accounts are the first to be prepared by Treasury in accordance with the Audit Act 2006. This has led to numerous changes in the scope and presentation of the Accounts, with significant changes from previous years including:
- Group Accounts being presented which include the transactions and balances of the non-revenue funded Statutory Boards (Isle of Man Post Office, Isle of Man Water Authority and Manx Electricity Authority)
- Additional statements being presented, such as the Cash Flow Statement, in accordance with the Isle of Man Statement of Recommended Practice, Accounting for entities subject to the Audit Act 2006
- Restatement of certain transactions and balances to comply with United Kingdom Generally Accepted Accounting Practice (“UK GAAP”), such as the reporting of taxation receipts on an accruals basis and reporting investments at market value
- Budget figures are no longer presented for comparative purposes due to differences in the calculation of certain transactions. Comparison with the Government Budget remains available within the Detailed Government Accounts
The underlying figures previously reported in the Detailed Government Accounts for Central Government remain unchanged. Those Accounts revealed:
- Treasury income of £598m
- Net revenue expenditure of £543m
- Capital expenditure of £68m
- Revenue surplus of £55m
- Transfers to various reserves of £68m
The production of the audited Government Accounts represents further progress by the Treasury towards full compliance with UK GAAP. Earlier in 2008, Tynwald approved Audit Directions permitting certain exemptions in respect of the accounting treatment of fixed assets and pension schemes and further work will be undertaken on these areas to bring them into line with accounting best practice.
21 October 2008