Government accounting: awash on a sea of money

EXPERIENCE of public sector accounting has left me with the view that governments show a systematic, pervasive, though possibly not deliberate, ignorance of the critical value and importance of good accounting to their own management. What will it take for governments to take their financial responsibilities seriously?

The world economy is emerging from a global financial crisis, which tested the international financial system to its limits. Many governments intervened dramatically in their economies by acquiring assets and liabilities or through other significant economic interventions. The majority of those actions will not be accounted for properly. This is not a new phenomenon; Governments have always been reluctant to embrace the highest accounting standards for their own reporting.

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