State's assets miscalculated by $1.28b, income by $2b

THE discovery of countless accounting errors worth more than $3billion has prompted a review of the NSW Government's financial reporting policies.

Treasurer Mike Baird has announced the government will adopt a range of measures recommended by Auditor-General Peter Achterstraat this week.

In government agency and department accounts handed to him following the release of the 2011/2012 budget, Mr Achterstraat found that, in total, the value of the state's assets was miscalculated by $1.28 billion and the net income by $2 billion.

The revelation came just four months after Treasurer Mike Baird was forced to explain his $1 billion mistake in last year's budget.

Mr Achterstraat said 85% of the recommendations he made in 2011 had been implemented in 2012 but he stressed government agencies, in particular, needed to "do more follow-up" and provide more detailed reports.

"I am pleased to note that more than 85% of the recommendations in my 2011 financial audit reports to Parliament were implemented in 2012. Whilst this is less than 100%, NSW government agencies clearly acted on my significant recommendations," said Mr Achterstraat.

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