Good afternoon ladies and gentlemen. Thank you for inviting me to speak before you today on a topic that I think is critical to the well being of India and to other countries worldwide: that is government financial reporting. It is a topic that is receiving increasing attention from the media, the public and governments themselves, although it has long been of importance to the International Federation of Accountants (IFAC).
It is an issue of significance at all levels of government, including city government. For twenty years, IFAC has been working to improve the financial reporting and financial management of governments at all levels - national, state and provincial, and local - as well as that of other public sector entities worldwide. The fiscal accountability of governments is central to enhancing economic growth and development - one of IFAC's most important goals. Failure to hold governments accountable, can, I believe, compromise and jeopardize private sector initiatives directed at building and maintaining confidence in the financial reporting process, as well as diminishing confidence in democratic processes.