Streamlining the accounting system in accordance with "world's best practices" will result in consistency and transparency in the financial management of the country, ensure good governance, boost the confidence of investors, and contribute to strengthening the economy. The public sector accounting system in Pakistan has been overhauled recently. The reforms have been implemented by the Federal Government of Pakistan (GOP), with the assistance of World Bank, through Project to Improve Financial Reporting and Auditing (PIFRA). This study describes the accounting reforms implemented by the GOP and the adoption of cash basis International Public Sector Accounting Standards (IPSAS) for financial reporting. We first describe the contents of the accounting reforms implemented in all levels of the country beginning in the 1990s and briefly introduce cash basis IPSAS. Second, we assess the compliance of Pakistan's accounting system with cash basis IPSAS and IPSAS-2 cash flow statement. Finally, we conclude that the financial statements of the GOP comply with the requirements of cash basis IPSAS. This study recommends transitioning from cash to accrual accounting system because Pakistan has reflected a satisfactory margin after the new reforms have been implemented.

We examined the extent of adoption of the International Public Sector Accounting Standards (IPSAS) in South Asia and the challenges that are decelerating this process. The moderating organization, International Public Sector Accounting Standards Board (IPSAB), instituted IPSAS in an effort to improve financial reporting by public sector organizations and for comparability purposes. The aims of this research were to establish to what extent the IPSAS has been adopted in South Asia and determine the drawbacks contributing to its slow adoption process. To answer the study questions a literature review of the South Asian countries that have adopted the IPSAS was conducted. The study findings show that most of the South Asian nations have adopted the IPSASs though to different extents. Nepal, Bangladesh, Pakistan and Sri Lanka have implemented the IPSAS but taking different approaches and directions, while India still uses the cash based accounting system. The key barriers include; lack of experienced staff, delay in provision of information by the public entities, and lack of a defined implementation timeframe which seem to cut across these countries.

The significance and impact of Accrual-based Public Sector Accounting Standards (APSAS) in financial reporting has in recent times gained traction and has prompted debates which are aligned towards APSAS reporting. This implies that reforms in the government’s management systems are becoming critical towards examination of actions and steps taken to enhance demands for better transparency and accountability in the management of public finance. As is presently presented in Pakistan, there are numerous fundamental challenges that currently inhibit the efficiency of the government’s finance and accounting management. These problems arise due to poor supervision, poor management of basic financial functions, inefficient financial information including support for decision making, poor staff motivation and finally lack of proper accountability measures. Due to these arising challenges, the purpose of this study is to determine the factors affecting the implementation of Accrual-based International Public sector Accounting Standards (AIPSAS) in public sector of Pakistan. The study whose objective was to evaluate the barriers in the adoption of AIPSAS in Pakistan adopted a descriptive qualitative study model. A five-point Likert type scale was utilized to evaluate the results of the study. The study adopted simple randomization process to obtain the population sample group/respondents. The results of the research study recommended improvement of capacity building through training and offering educational courses which will help advance the enforcement of strong financial reporting standards.

Analysis of Public Financial Management of Pakistan 1. Introduction Researcher influences the financial stimulus and the Accounting reforms of public sector in Pakistan. In financial performance researcher are determine the financial problems of corporate sector and their wrong implemented policies which's totally against of international accounting standards and marketer performance. The financial manager has also involved in un legislating activities and contracts only for the profitable value, which is initially provide the much more benefit to the organization but in case of minor mistakes the decision policies of public sector laid down the strategic profitable graph form the level of breakeven point. The accounting reform in public sector to hold the accounting techniques by different methods of accruals principles. The government of Pakistan is already used different accounting reform systems according to nature of business. The different financial system in public sectors have elaborated different kinds of accrual principles. Supervisory commission has hold by the rules of accounting reforms. And apply the accounting reform to their nature. The implementation standard of reform, and the public accounting sectors financial standards will be established before 2000 established but time to time it takes modification according to need of company (Bork, 2015). It specify the structure of acccounting streem of public sectors, acquired with manual and computerized accounting. The public sectors accounting shows the budget performance reports which is indicates responsibility for drawing up and set of accounting standards. It is envisioned that the public sector entities will have handle accounting system with standards of public accounting standards. The system of accounting expressed in money terms. It's identify to measure the commnuicating financial rules along with entity permits, which is use to for decsion making process and judgements. (Basic Accounting theory committee Staff 1966,p.2) In the accounting system, there are two most important methods are using as for computing information of accounting, namely the accrual and cash base system. The both system are using as for calculation of accounting values but one is using as for puerly on due bases but another one is using as for cash. Also the difference between in this tow methods recognized the timing in which transaction will process in the book of account. On the bases of cash the publich sectors directly recognized income and expenses and time to time mentioned values in accounting book. In other hand the accrual base system of accounting idicate the time line of billing in public sectors. It indicate the performance and delivery of cash even if there is no cash in outflow and inflow inccured. Basically, from this research will identify the Pakistan accounting reforms constrains and main problems against public sector wrong financial decisions. Financial manager skills also will determine and elaborate the precise decision policies along with sole p...