53. Must reports from political parties and/or candidates include information on itemized income?

23. The  authorities  of  the United  Kingdom now  report  that  the  Electoral  Commission has published new guidance setting out accounting standards for use on a voluntary basis, particularly for those 

parties  and  party  accounting  units  with  a  turnover  below  the  £250,000  reporting  threshold.  The parties  began  to  adopt  the  standard  format  in  their  accounts  for  the  year  2011  and  the 

Commission will move to full use of the new standards within the next 2-3 years. The Commission also plans to promote the use of standard formats by parties and accounting units with a turnover 

above £250,000, and will review the effectiveness of its current voluntary approach, and the case for mandating standards through legislation, in the light of progress.

24.GRECO is pleased that the Electoral Commission has established a common accounting formatincludingnew   requirements   for   accountingby   political   parties..   GRECO   notes   that   the 

format/requirements have been introduced on a voluntary basis.GRECO also welcomes the fact that  the Electoral  Commission will  be  reviewing  theeffectiveness  of  the  adopted  requirements and  considering mandating its  implementation through  legislation,  if  necessary. Asthe  initiative concerned hasbeen introduced recently, GRECO is not in a position to assess its effectiveness. Source paragraph 23 &24 GRECO, Third Evaluation Round Second Compliance Report on the United Kingdom,20-22 June 2012