Government Resources and Accounts Act 2000

5 Resource accounts: preparation. U.K.

(1) A government department for which an estimate is approved by the House of Commons in respect of a financial year shall prepare accounts (to be known as resource accounts) for that year detailing—

[F1 (a) resources acquired, held or disposed of during the year by—

(i) the department, or

(ii) any body that is a designated body under section 4A in relation to the department for the year, and

(b) the use of resources during the year by the department or any such body.]

(2) Resource accounts shall be prepared in accordance with directions issued by the Treasury.

(3) The Treasury shall exercise the power to issue directions under subsection (2) with a view to ensuring that resource accounts—

(a) present a true and fair view,

(b) conform to generally accepted accounting practice subject to such adaptations as are necessary in the context of departmental accounts, and

(c) accord with guidance issued by the Treasury about the inclusion of an explanation of the difference between an item appearing in a department’s estimate and a corresponding item appearing in or reflected in the department’s resource accounts.

(4) For the purpose of subsection (3)(a) and (b) the Treasury shall in particular—

(a) have regard to any relevant guidance issued by the Accounting Standards Board Limited or any other body prescribed for the purposes of [F2 section 464 of the Companies Act 2006] (accounting standards) [F3 or to [F4 UK-adopted international accounting standards, within the meaning given by section 474(1) of the Companies Act 2006]], and

(b) require resource accounts to include, subject to paragraph (a), a statement of financial performance, a statement of financial position and a cash flow statement.

(5) A department which prepares resource accounts shall send them to the Comptroller and Auditor General not later than 30th November of the financial year following that to which the accounts relate.

(6) The Treasury shall, in the case of each department which is obliged to prepare accounts in accordance with subsection (1), appoint an official of the department as its accounting officer.

(7) While a person holds appointment as a department’s accounting officer he shall be responsible for—

(a) the preparation of the department’s resource accounts, and

(b) their transmission to the Comptroller and Auditor General.

(8) The Treasury may appoint an official of a department as accounting officer in respect of a particular part of the department’s resource accounts; and that person shall be responsible for the preparation of that part of the accounts.

F5 (9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1 S. 5(1)(a)(b) substituted (11.11.2010) by Constitutional Reform and Governance Act 2010 (c. 25), ss. 43(3), 52; S.I. 2010/2703, art. 2(c)

F2 Words in s. 5(4)(a) substituted (6.4.2008) by The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), art. 2(2), Sch. 1 para. 214 (with arts. 6, 11, 12)

F3 Words in s. 5(4)(a) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by Companies Act 1985 (International Accounting Standards and Other Accounting Amendments) Regulations 2004 (S.I. 2004/2947), reg. 1(2), Sch. 7 para. 14(a)

F4 Words in s. 5(4)(a) substituted (31.12.2020) by The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/685), reg. 1(2), Sch. 1 para. 48 (with reg. 1(3)(4)) (as amended by S.I. 2020/523, regs. 1(2), 22); 2020 c. 1, Sch. 5 para. 1(1)

F5 S. 5(9) repealed (22.7.2004) by Statute Law (Repeals) Act 2004 (c. 14), Sch. 1 Pt. 9 Group 6

Modifications etc. (not altering text)

C1 S. 5(1) applied (with modifications) (15.11.2001) by S.I. 2001/3686, reg. 8(6)

C2 S. 5(1) (applied with modifications) (27.3.2002) by The Ministry of Agriculture, Fisheries and Food (Dissolution) Order 2002 (S.I. 2002/794), art. 6(12)(13)