Description

The foundation of modern public financial reporting lies in the communication of financial
information about the government’s activities to its citizens and their representatives in
parliament. This information should refer to the activities of public administrators for the
entire state, covering pre-determined periods. This is a key aspect of the accountability of
the Government and its administration to parliament and the electorate more widely. It is
increasingly a requirement of international obligations as required by, for example, the
IMF and the European Union.