Statement of the Agency and Accounting Officers responsibilities
Business Accounts
Under the Government Resources and Accounts Act 2000, HM Treasury has directed the Driver and Vehicle Licensing Agency (DVLA) to prepare for each financial year a statement of accounts in the form and on the basis set out in the Accounts Direction. The accounts are prepared on an accruals basis and must give a true and fair view of the Agency’s state of affairs at the year-end and of its Statement of comprehensive net expenditure, Statement of financial position, Statement of cash flows and Statement of changes in taxpayers’ equity, for the financial year.
In preparing the Business Accounts, the Accounting Officer is required to comply with the requirements of the Government Financial Reporting Manual (FReM) and in particular to:
- observe the Accounts Direction issued by HM Treasury, including the relevant accounting and disclosure requirements, and apply suitable accounting policies on a consistent basis
- make judgements and estimates on a reasonable basis
- state whether applicable accounting standards as set out in the FReM have been followed and disclose and explain any material departures in the financial statements and
- prepare the financial statements on a going concern basis.
The Accounting Officer for the Agency is appointed by the Permanent Secretary of the Department for Transport. The responsibilities of an Accounting Officer, including responsibility for the propriety and regularity of the public finances for which the Accounting Officer is answerable, for keeping proper records and for safeguarding the DVLA’s assets, are set out in Managing Public Money.
Trust Statement
Under the Exchequer and Audit Departments Act 1921, HM Treasury has directed the Driver and Vehicle Licensing Agency (DVLA) to prepare a Trust Statement for each financial year detailing the revenue and expenditure in respect of Vehicle Excise Duty (VED), fines and penalties falling outside of the boundary of the Agency’s Business Accounts. The Trust Statement is prepared on an accruals basis and must give a true and fair view of the collection and allocation of VED, fines and penalties, including a Statement of revenue and expenditure, a Statement of financial position, and a Statement of cash flows. Whilst DVLA is concerned with compliance, the Trust Statement does not estimate the duty foregone because of non-compliance with the VED regime.
In preparing the Trust Statement, the Accounting Officer is required to comply with the requirements of the FReM and in particular to:
- observe the Accounts Direction issued by HM Treasury, including the relevant accounting and disclosure requirements, and apply suitable accounting policies on a consistent basis
- make judgements and estimates on a reasonable basis
- state whether applicable accounting standards have been followed
- disclose and explain any material departures in the Trust Statement.
The HM Treasury appointed Accounting Officer is also responsible for the fair and efficient administration of the VED regime including the assessment, collection and proper allocation of VED revenue.
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