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The OBR examines and reports on the sustainability of the public finances and provides analysis and forecasts on the economy at the time of the UK Government's Budget and Spring Statements. [1] The functions and responsibilities of the OBR are contained within the 2011 Act. [3] It has four main duties: [1]
The government financial statements usually include a statement of activities (similar to an income statement in the private sector), a balance sheet and often some type of reconciliation. Cash flow statements are often included to show the sources of the revenue and the destination of the expenses.
The Budget of His Majesty's Government is an annual budget set by HM Treasury for the following financial year, with the revenues to be gathered by HM Revenue and Customs and the expenditures of the public sector, in compliance with government policy. [1] The budget statement is one of two statements made by the Chancellor of the Exchequer in ...
An example includes the fact sheet on governance statements. In addition, the NAO undertakes fast-paced and more narrowly focused work called investigations. The NAO received new powers under the Local Audit and Accountability Act 2014 to provide an end-to-end view of policy implementation, and produce reports aimed at the local government sector.
In financial accounting, a balance sheet (also known as statement of financial position or statement of financial condition) is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as government or not-for-profit entity.
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gov.uk (styled on the site as GOV.UK) is a United Kingdom public sector information website, created by the Government Digital Service to provide a single point of access to HM Government services. The site launched as a beta on 31 January 2012, [ 1 ] [ 2 ] following on from the AlphaGov project.
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