## Belize: Technical Assistance Report-Transition to Accrual Accounting

_IMF Staff Country Reports, June 8, 2023_

## Source details

**Canonical URL:** [Belize: Technical Assistance Report-Transition to Accrual Accounting](https://www.imf.org/en/publications/cr/issues/2023/06/07/belize-technical-assistance-report-transition-to-accrual-accounting-534444)

## Other formats

- [Markdown version](/en/publications/cr/issues/2023/06/07/belize-technical-assistance-report-transition-to-accrual-accounting-534444/index.md)
- [Structured JSON version](/en/publications/cr/issues/2023/06/07/belize-technical-assistance-report-transition-to-accrual-accounting-534444/index.json)
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## Bibliographic details
- Published: June 8, 2023
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400244674.002

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### Summary
- Focus: transition to accrual accounting in Belize.
- Timing: Belize is planning to transition to accrual accounting over the medium term.
- Characterization: the reform is considered an advanced practice on the public financial management (PFM) spectrum and has been attempted by few regional comparators.
- Nature of reform: complex, resource-intensive and advanced; requires various preconditions to be met.
- Organizational readiness: current organization and responsibilities of Treasury staff do not support the transition to accruals.
- Change management: accounting reforms will take time to implement and require change management processes; the Treasury does not currently have a change management culture to manage reforms and track performance.

### Key findings
- The transition to accruals is complex, resource-intensive and advanced.
- Few regional comparators have attempted this reform, indicating limited domestic/regional precedent.
- Current Treasury organization and staff responsibilities are not aligned with accrual accounting requirements.
- The Treasury lacks a change management culture necessary for sustained reform implementation and performance tracking.

### Policy recommendations and institutional measures
- Establish a new unit to oversee:
  - change management,
  - strategic planning,
  - performance management,
  - risk management,
  - monitoring and evaluation.
- Create a PFM coordinating committee, chaired by the Financial Secretary, to strengthen planning and internal collaboration.

### Implementation considerations
- Accounting reforms will take time to implement.
- Preconditions must be met before full transition to accrual accounting can be achieved.
- Change management processes and cultural shifts within the Treasury are essential for success.

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## Content in this bundle

- **1blzea2023003**
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_Source: https://www.imf.org/en/publications/cr/issues/2023/06/07/belize-technical-assistance-report-transition-to-accrual-accounting-534444_