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Accounting Reforms for Accountable Public Sector Management: A Sri Lankan Study

Accounting Reforms for Accountable Public Sector Management: A Sri Lankan Study
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Author(s): Chitra Sriyani De Silva Lokuwaduge (Victoria University, Melbourne, Australia) and Keshara M. De Silva Godage (RMIT University, Australia)
Copyright: 2020
Pages: 24
Source title: Tools, Strategies, and Practices for Modern and Accountable Public Sector Management
Source Author(s)/Editor(s): Gra├ža Azevedo (University of Aveiro, Portugal), Jonas Oliveira (Instituto Universit├írio de Lisboa (ISCTE-IUL), Portugal), Rui Pedro Marques (University of Aveiro, Portugal) and Augusta Ferreira (University of Aveiro, Portugal)
DOI: 10.4018/978-1-7998-1385-9.ch002

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Abstract

Accounting reforms in the public sector have become one of the most debated aspects of the public sector financial management during the last three decades. Following the steps of developed countries around the globe, Sri Lanka as a developing country made initiatives to adopt international public sector accounting standards (IPSAS). The purpose of this study is to analyse the progress and the challenges they face in adopting IPSAS as a new public management (NPM) reform in Sri Lanka to enhance public sector accountability. Public sector accounting reforms in the developing countries in Asia is relatively under researched. Using the NPM concept, this study attempts to fill this gap. This chapter argues that even though Sri Lanka has initiated the move towards adopting IPSAS, developing countries face practical problems in adopting reforms due to their contextual factors such as limited institutional capacity and resources, high political involvements in decision-making, and high informality.

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