HM Treasury share the success of their PFM initiatives: Whole of Government Accounts (WGA) and the Balance Sheet Review (BSR). WGA is a single consolidate set of IFRS compliant financial statements for the entire public sector. It provides a single authoritative picture of assets, liabilities, income and expenditure and is the foundation of the BSR. Through better balance sheet management, they see where to reduce the costs of their assets and liabilities and thereby reduce the overall risk. The main outcome is transparency – a way for citizens and taxpayers to see where their money is being spent.