Government accounting at crossroads: Emerging opportunities during COVID-19

Government accounting and financial reporting are at a crossroads today. Providing information on how much cash is received into treasuries and paid out for goods, services and transfers is not enough. Stakeholders are demanding more accountability and engagement in public finances. Governments are spending large sums of money to tackle the health emergency and to implement massive fiscal stimulus programs in response to the pandemic. Undoubtedly, timely and quality information is necessary to better assess the financial health of governments and to communicate the financial consequences of the pandemic to all stakeholders.