In early 1993, the NHS Management Executive introduced new arrangements to increase the delegated freedom for NHS bodies to use private sector finance without Treasury approval. The new arrangements still seek to control the use of private finance because, in some cases, it can be more expensive than using public capital. The aim is to minimize the cost to the NHS of acquiring assets over the long term as well as the short term. Good progress is being made in developing and tailoring accounting standards so that they address the specific issues that arise in public sector organizations. The code of practice on local authority accounting in Great Britain has been given the necessary negative assurance by the Accounting Standards Board to be recognized as a Statement of Recommended Practice (SORP).