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Government Financial Reporting in Times of the COVID-19 Pandemic

The economic shock of the coronavirus outbreak has an unprecedented impact on public finances. Governments are implementing massive fiscal packages including both budgetary and nonbudgetary measures to fight the pandemic while receipts are sharply...

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Bibliographic Details
Main Author: World Bank
Language:English
Published: World Bank, Washington, DC 2020
Subjects:
FINANCIAL MANAGEMENT INFORMATION SYSTEM
INTERNATIONAL ACCOUNTING STANDARD
PUBLIC FINANCIAL MANAGEMENT
ACCOUNTABILITY
INTERNATIONAL FINANCIAL REPORTING STANDARDS
FISCAL SUSTAINABILITY
PUBLIC EXPENDITURE
PUBLIC AND PUBLICLY GUARANTEED DEBT
PUBLIC DEBT
TAX REVENUE
CORONAVIRUS
COVID-19
PANDEMIC RESPONSE
GOVERNANCE
GOVERNMENT FINANCIAL STATEMENTS
PANDEMIC IMPACT
PENSION LIABILITY
PUBLIC INVESTMENT MANAGEMENT
Online Access:http://documents.worldbank.org/curated/en/869021604917113763/Government-Financial-Reporting-in-Times-of-the-COVID-19-Pandemic
http://hdl.handle.net/10986/34792
Description
Summary:The economic shock of the coronavirus outbreak has an unprecedented impact on public finances. Governments are implementing massive fiscal packages including both budgetary and nonbudgetary measures to fight the pandemic while receipts are sharply down. Communicating the financial consequences of Coronavirus (COVID-19) to all stakeholders in a timely manner is important to create enduring broad support. Audited financial statements play a key role in building citizen trust in government. This policy note provides reflections on how governments could make use of existing systems of financial reporting during the pandemic as well as opportunities for improved financial reporting systems for the post-crisis environment. It also seeks to share insights into the impact of the pandemic on government financial performance, position, and cash flows.

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