Effectiveness of Financial Accounting and Reporting Practices introduced to Eastern Provincial Council, Sri Lanka

Abstract

Sri Lanka in recent years has been introduced changes in public sector financial management. The introduction of accrual basis of accounting to public sector especially in Provincial Councils has created new trends in public financial management. This research is concerned with the effectiveness of public sector accounting and financial reporting in the research domain of Eastern provincial council (EPC). The aim of this research is to understand the financial accounting and reporting practices and to analyze whether they are effective. Descriptive method was used to evaluate the variables. The research concludes that the accounting and financial reporting practices adopted at EPC are not effective.