Public Expenditure and Financial Accountability (PEFA

Govt to switch accounting system

This is to improve the quality of cash management and effectiveness of spending.

This follows an assessment by the Department of Finance in 2014 on PNG’s public financial management systems against the internationally recognised Public Expenditure and Financial Accountability (PEFA).

The Government says the assessment revealed that the use of both the PGAS and IFMS affected the comprehensiveness and quality data in budget execution reports.