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International Monetary Fund. Fiscal Affairs Dept.

This technical assistance report on Belize focuses on transition to accrual accounting. Belize is planning to transition to accrual accounting over the medium term. This reform is considered an advanced practice on the public financial management (PFM) spectrum and has been attempted by few regional comparators. The transition to accruals is a complex, resource-intensive and advanced reform that requires various preconditions to be met. The current organization and responsibilities of Treasury staff do not support the transition to accruals. Accounting reforms will take time to implement and require change management processes if they are to succeed. The Treasury does not currently have a change management culture to manage reforms and track performance. A new unit should be created to oversee change management, strategic planning, performance management, risk management as well as monitoring and evaluation. A PFM coordinating committee, chaired by the Financial Secretary, should be established to strengthen planning and internal collaboration.