A bill to streamline the Public Management and Finance Law passed in the House in a one-day sitting today (Wednesday, 03 August).
The Premier and Finance Minister, the Hon. W. McKeeva Bush, OBE, JP, outlined that the bill enables speedier finalisation of government's accounts.
"The review of the law will be ongoing and the purpose is to obtain accountability and a reporting regime that is both meaningful and practical," the Premier said.
Mr. Bush emphasised the bill does not suspend compliance with generally accepted accounting practices.
The bill benefited from significant input from the Auditor General and the Legal Drafting Department, he noted.
The bill also reflects recommendations by government consultant, Mr. Keith Luck, who was brought in to suggest ways to fix compliance issues with the law. He had identified as a key problem the law's complex and burdensome reporting requirements.