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Finance revolution storms Whitehall.

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Financial managers in central government faced the biggest shake-up for 140 years when resource accounting became fully operational in April. The new system requires finance staff to make clear the full cost of assets and liabilities, including depreciation. As a result of this fundamental change, a new register of assets will be published shortly, with the most up-to-date information on UK government assets since 1066.

"The emphasis is not just on improving information input, but it is about changing the focus to outputs and outcomes and providing robust information to support managers," explained Andrew Likierman, head of the government accountancy service.

"A major benefit of this exercise is that we will have a better trained civil...

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