The financial and sovereign debt crisis have brought to light, as never before, the need for better financial reporting by governments worldwide, and the need for improvements in the management of public resources. Citizens are affected by a government’s financial management decisions. Strong and transparent financial reporting has the potential to improve public sector decision making and make governments more accountable to their constituents. The failure of governments to manage their finances has in the past, and could again in the future have, dramatic consequences such as loss of democratic control, social unrest and the failure of governments to meet their commitments today and in the future
International Public Sector Accounting Standards Board
Introduction
This week the Institute of Chartered Accountants of Guyana (ICAG) will be having its annual ‘Accountants’ Week‘ at the Pegasus Hotel. The topics to be discussed include developments in financial reporting; the need for international public sector accounting standards for Guyana; and an update on audit and ethics issues. The ICAG has asked me to make a presentation on the second topic.
I thought it would be a good idea to kill two birds with one stone, except that at the ICAG forum the audience will comprise mainly accountants and businessmen, in contrast to the thrust of this article
