The proposed Public Finance Act is to be pushed through to Cabinet as an urgent bill, as Parliament resumes work in the New Year.
The new Bill raises financial reporting standards for public enterprises and gives legal backing to existing financial regulations.
rnAs it exists, all financial regulations are compiled into a book of administrative rules, much of which dates back to British times. rn
rnldblquote The regulations have no legal backing, being just an administrative regulatory system. With this new Act these regulations will get legal force
dblquote , Treasury officials say. rn
rnIt also introduces standards of accountability and transparency into public sector financial reporting with everything from cash flows, borrowings and end of year commitments to be laid out.rn
rnWith the new Act in force, all accounts of public sector institutions have to be tabled in Parliament five months after the close of the financial year.rn
rnThis will be supported by a new reporting format to be introdu