Consolidation of the general account
Consolidation consists of presenting the accounts of the various bookkeeping entities as if they were one sole entity.
In accordance with article 59 in the OOBBC consolidation consists of consolidating the general Government services account with those of autonomous governmental bodies (AGBs). Consolidation provides a global view of the financial position (assets and liabilities), income statement and the operations account of the regional entity's budget.
The consolidation of the general account is not carried out by the AGBs, but instead by the entity of the regional accountant
The consolidation implies that the budget balance and the debt of the institution concerned is calculated for evaluation based on European criteria.
This is a logical step of implemented reforms aimed at sound management of government finances.
The aim of the consolidation is for the regional entity's accounts to be reflected more clearly, allowing the Region to inspire more confidence among public actors.
Indeed, a transparent and truthful consolidated general account for the regional entity is an essential condition in determining budgetary guidelines and for managing risks.
This generally reflects the ambition to achieve a balance in government accounts, summarised in article 3 of the Treaty for stability, coordination and policy in economic and monetary union.