A “complete picture” of Government’s assets and liabilities will develop thanks to proposed new laws, Finance Minister Bob Richards told the House of Assembly on Friday.

Current legislation means not all public bodies have the same level of financial disclosure. They submit annual accounts but there can be inconsistencies in the level of information provided.

Full financial reports from all public bodies and authorities, including quangos, will now be required and consolidated under the Public Treasury (Administration and Payments) Amendment Act 2014. The aim is to combine the financial reports of all of the organisations that come under the government’s umbrella.

Mr Richards said the move would offer an understanding of the “revenues and costs of Government” and its “assets, liabilities and cash flow”, as well as indicate how financial affairs were being managed.

Patricia Gordon-Pamplin, Minister of Public Works, praised the move and compared the consolidating of public bodies’ statements with assessing the wealth of a family.

“We need to see the overall value of the family’s financial health in the context of net asset value,” she said.

“You’re able to have an entire look at what you have and evaluate your assets.

“You show the world that you know what you are doing. A benefit of consolidation is outside agencies can look at us and give us a good bill of financial health. We’re able to go to outside markets.”