Chart of Accounts: A Critical Element of the Public Financial Management Framework

A well-functioning PFM framework includes an effective accounting and financial re- porting system to support fiscal policy analysis and budget management. Among other things, government business processes and decisions are anchored on the flow of specific financial information/data between various stakeholders. Providing such information on government activities is an important function of the accounting and reporting system which should capture, classify, record, and communicate relevant, reliable, and comparable financial information for at least the following purposes: budgetary accounting and reporting, includ- ing reporting of actual against approved budget estimates; general purpose financial report- ing; management information; and statistical reporting. This system underpins the...
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Chart of Accounts: A Critical Element of the Public Financial Management Framework