Unconsolidated can mean unseen. Greater
visibility, on the other hand, holds out the hope that something might be done
to address the underlying issues. The transparency drive in UK government
accounting managed to avoid exacerbating sovereign debt jitters this month;
maybe it can be a genuine asset in the longer term. (Financial Times 2011a)
On the day after the
UK government finally issued its first ‘Whole of Government Accounts (WGA)’, at
least one media commentator recognised the significance of the event. The
transparency and accountability associated with preparing and publishing
accounts, on an accrual basis, for the entire government did not ‘spook’
markets at a time of great uncertainty; rather it may have had a positive
effect. Critically, there is recognition that transparent, robust,
accrual-based financial reporting by governments may assist in addressing
‘underlying issues’. In its Global
Financial Stability Report (April 2011), the International Monetary Fund
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