Financial Reporting

Financial reporting has become increasingly important...

….for public sector entities as a result of external pressures calling for more accountability and value for money.

Irrespectively of their size and stage of development, most public sector entities require assistance in the preparation of financial reports for internal use and for submission to Government and Parliament. Moreover the financial statements they produce must be audited in accordance with generally accepted accounting principles in Malta.

The question of financial reporting by public sector entities is gaining importance in view of the introduction of the Malta Government Accounting Standards which may become applicable to all public sector entities. These standards are based on international public sector accounting standards and focus on the accounting requirements of the public sector. Alternatively the entity may be required to prepare its financial statements in accordance with the requirements of International Accounting Standards.

In either case the application of accounting standards to specific situations is an area where expertise may be required to examine and interpret the detailed accounting rules set out.

Grant Thornton can assist you in all your needs.