Islamabad: Pakistan has initiated comprehensive reforms in its public sector accounting system to strengthen transparency, financial discipline, and public financial management.

According to Radio Pakistan, the process of developing new accounting standards on an accrual basis is continuing in line with the International Public Sector Accounting Standards (IPSAS).

The Department of the Auditor General of Pakistan stated that the reform process is being carried out with technical assistance from the World Bank.

The transition to an accrual-based accounting system will significantly improve government financial reporting by providing a complete and accurate picture of assets, liabilities, revenues, and expenditures. It will also enhance the quality and reliability of financial information.

The revised accounting framework will be uniformly applicable to federal, provincial, and local governments, promoting uniformity, comparability, and financial transparency across the entire public sector.

The new accounting standards will be implemented after approval by the President of Pakistan.