New development: Ten years of consolidated accounts in the United Kingdom public sector—taking stock

November 2021 marked 10 years since the publication of the first UK Whole of Government Accounts (WGA), representing the first set of audited financial statements prepared in accordance with international accounting standards for the UK public sector. With governments around the world investing substantial resources into modernizing their financial reporting practices and systems, it is important to consider whether these changes will deliver value for money and will result in tangible benefits. As calls for further research into what public sector accounting reforms bring practical benefits, this new development article considers the usefulness of WGA, outlining what WGA makes visible, its limitations and the challenges that lie ahead.