Starting from the beginning of next year the British government is set to adopt IFRS international accounting standards, according to Accountancy Age .
The start of 2008 will also see the government move from UK GAAP, meaning that more private finance initiatives (PFI) would be back on its books .
The Financial Times has reported that the new rules will bring the government more in line with private sector-practice.
Treasury officials admitted that it would the government's balance sheet containing roughly £40 billion worth of PFI projects.
The adoption of the new standards had been expected by tax professionals, with some worrying at the prospect of taxmen receiving police powers.
A Budget press release unveiled some overhauls to HM Revenue &Customs' criminal investigation powers.
A spokesman said, "Under the new approach, HMRC's investigatory powers in England, Wales and Northern Ireland will be based on the Police and Criminal Evidence Act (PACE)."
"Consistent provisions will be applied for Scotland, where PACE does not apply."
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