The Bill will put in place powers to enable the preparation and audit of consolidated accounts for the whole public sector. A central element in the modernising government agenda, RAB involves replacing the current system of cash appropriation accounts with accruals-based resource accounts which will follow best accounting practice. Introduction of resource accounting will ensure the full economic cost of government activities are measured by including other costs not reflected in cash-based accounts, such as capital consumption. Additionally, RAB will allow improvements in the treatment of capital spending. The government believes resource accounts will also improve transparency by making it easier to see what taxpayers are getting for their money.
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