Belize: Technical Assistance Report-Transition to Accrual Accounting

June 8, 2023

Preview Citation

Format: Chicago

Belize: Technical Assistance Report-Transition to Accrual Accounting, (USA: International Monetary Fund, 2023) accessed November 21, 2024

Summary

Belize is planning to transition to accrual accounting over the medium term. This reform is considered an advanced practice on the public financial management (PFM) spectrum and has been attempted by few regional comparators (Barbados, Bermuda, Cayman Islands and Curacao). There is a strong commitment and enthusiasm for reform from the Treasury’s new leadership. The authorities want to improve transparency and accountability as well as shift their current focus on payments and reconciliations to include modern Treasury functions such as financial management, cash management and financial reporting. While full accrual practices may not be achieved in the short term, the reform presents opportunities for more efficient work procedures, greater cross-cutting collaboration, improved transparency, lower borrowing costs and the possibility to become a regional example.

Subject: Accounting standards, Chart of accounts, Financial statements, Fiscal accounting and reporting, International organization, Monetary policy, Public financial management (PFM)

Keywords: Accounting standards, Accounts receivable, Authorities of Belize, Cash basis, Chart of accounts, Financial statements, Fiscal accounting and reporting, Government accounting Manual, Government ministry, IMF's Fiscal Affairs Department

Publication Details

Pages:

54
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2023/203
Stock No:

1BLZEA2023003
ISBN:

9798400244674
ISSN:

1934-7685

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