IMF emphasises the need for improved transparency and accountability

The International Monetary Fund’s (IMF) Fiscal Monitor for April 2021 discusses possible fiscal measures, as well as the fiscal effects, of governments’ responses to the COVID-19 pandemic.

The report states: “Strengthening public financial management and improving transparency and accountability, not least for COVID-19 response measures, will reinforce trust in government”.

As entities prepare financial statements for this reporting period, preparers should once again think about how the information in the financial statements would contribute to providing users with information to understand the effects of COVID-19 on entities, how resources have been used, and potential obligations.

Read the full IMF report here.