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| Wednesday, 11 June 2003 |
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Financial Management reforms in the Public Sector for Good Governance The Institute of Public Finance and Development Accountancy has organised a National Conference on Public Sector Financial Management and Control Systems in Sri Lanka on June 23 and 24. The Institute is a professional organisation for Public Sector Accountants and Auditors in Sri Lanka. It was inaugurated in March 1980 and subsequently registered in 1989 under Section 21 of the Companies Act No. 17 of 1982, a press release from the Institute said. From the macro point of view, accounting provides information that is imperative for control in commanding, directing, and regulating economic activities for overall economic effectiveness; for evaluation of periodic performance of enterprises, especially the basic, large-scale ones; and for appropriate and beneficial allocation of national wealth among industries and enterprises. The members have the advantage of working at various levels of the governmental hierarchy from the periphery at District and Divisional Secretariat levels, and at various middle Departmental levels and culminating at the most senior levels at the line Ministries in the Central Government as well as at the Provincial Ministry Levels; at the same time number of our members are also holding very senior positions in trading and commercial organisations of the government, members of the Sri Lanka Audit Service are also members of this Institute, which allows our members to gain in depth skill and knowledge in the Public Sector. Accounting as a discipline has no national boundary, in that accounting, principles and practices as they exist in different countries have much in common because they are the result of human wisdom and experienced accumulated over centuries. However, the Council acknowledges that the political social, cultural and economic environment is bound to have a far-reaching impact. In the Public Sector Financial Management and Control Systems we have already seen, and continue to see the impact of globalisation and the blurring of competitive boundaries. Globalisation means we will need to have greater understanding of regulations and laws governing accounting standards in other parts of the world. |
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