Accrual accounting to strengthen Sarawak’s financial management

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THE implementation of accrual accounting will strengthen the state government’s financial management and accounting system.

Second Minister For Finance and New Economy, Datuk Amar Douglas Uggah Embas noted that it was in line with the Financial Management Transformation Initiative.

“Accrual accounting facilitates better planning, financial management and decision-making in the government.

“It is a robust and accepted way of measuring the economy, efficiency and effectiveness of public policies.

“It would also allow us to have a long-term view of public finance, improving value for money and enhancing the transparency of financial information,” he said in his ministerial winding-up speech at the August House today.

Uggah then stated that the Sarawak government would be migrating from Modified Cash basis to Accrual Accounting basis for the state’s financial statement and reporting upon approval by Parliament on the amendments of Financial Procedure Act 1957 to cater for accrual accounting and announcement by the federal Finance Minister on the implementation date for both federal and state governments.

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