Public Accounts Committee chairman Sarah Ferguson said that the States were told in 1995 that they needed to bring accounts up to GAAP (generally accepted accounting principle) compliance. That would prevent ‘carry forwards’ of unspent budgets muddying the financial waters, and allow for proper calculation for depreciation of States assets, giving Members and the public a clearer picture of spending plans. Deputy Ferguson said: ‘They are starting to make efforts, but it has taken too long. ‘Even the UK government’s accounts are GAAP compliant now. That is why the UK Auditor General has refused to sign off the Home Office accounts, because he does not feel they are properly prepared.’
The Heart of Island Life
