Archives for June 5th, 1998

Accounting for the Private Finance Initiative

Abstracts, PublicNet: 5 June, 1998

Heald D, Geaughan N
Public Money & Management, (UK), Jul-Sep 97 (17/3)
Start page: 11 No of pages: 6

Starts with drawing some conclusions regarding technical issues surrounding the use of public finance in public services: that it will bring cost savings and be more cost-effective than public finance; that there has to be clarity regarding value-for-money; that there are differences between projects with genuine third-party payers and those where costs fall on the budget. Discusses the scoring of public expenditure and the rules that the UK Treasury applies; considers the use of accruals accounting (resource accounting and budgeting) by the Treasury and the implications for projects under the Private Finance Initiative (PFI). Looks at the use of accruals accounting in the context of generally accepted accounting principles, and reflects on the continuing commitment to scoring and accounting for the PFI; suggests, inter alia, that the PFI may lead to a waste of resources, and calls for transparency.

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New FSA sets its sights on bringing UK and EU financial regulation closer.

Headlines, PublicNet: 5 June, 1998

The future of financial regulation in Europe has been tackled by the new Financial Services Authority.

Fresh from assuming responsibility from the Bank of England for the supervision of banks, the FSA set its sights on ensuring it works closely with the wider European control mechanisms for financial regulation.

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New data gives richer picture of deprivation

Headlines, PublicNet: 5 June, 1998

New data on deprivation has been published by the DETR which its authors say offers far more accurate pinpointing of poverty than before. The 1998 Index of Local Deprivation matches new local authority boundaries and its information will be used to target services to those who need them.

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