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The aims of writing this paper are (a) to discuss the public sector accounting informaTiO2 systemin Liberia with more emphasis placed on the accounting informaTiO2 system and the budgetaryroutine of the Republic of Liberia, (b) researching out it weaknesses and pointing out theaccountability that must be fulfill by public trustees in Liberia, and (c) looking at the role ofpublic sector accounting informaTiO2 system in meeting accountability obligaTiO2s as they are atcurrent. Public sector resources accounting informaTiO2 systems, used in the government sectorin Liberia, are not sufficient to ensure the fulfillment of government wise plans aimed at a higherliving standards and strong economy. To meet managerial concepTiO2s of accountability andtransparency in the Liberian public sector system, the idea of moving from the Cash Base Systemof Accounting to the system of accrual accounting in the government sector of Liberia is highlyrecommended by this paper.
There are several reasons that prompted this topic, firstly, observaTiO2s have indicated thatLiberia still have something to offer the internaTiO2al community with all of her presentcondiTiO2, this offer will be felt internaTiO2ally if she is financially structure. Evidence to that isthe continuous friendship that exists between the Government of Liberia and China over the pastyears. This cemented relaTiO2ship is developing as year come and go, as such it is important thatthese two countries are acknowledge of each other cultures, government etc. For reference, theChinese language has been accepted to be thought in the University of Liberia. Secondly, thegovernment of Liberia over the years has not instituted an internaTiO2al standard of accountingsystem, as an emerging accountant I would like to informed the government that there issomething lacking in the accounting profession especially in the public sector and to registersome ideas that might help fill in those lope holes. With those mechanisms put in place ourpublic resources will be collected and distributed equally. Public sector resources accountinginformaTiO2 systems, use in the general government sector in Liberia, are inadequate to ensurethe fulfillment of government plans aimed at a strong economy and higher living standards. Tomeet solid managerial concepTiO2s of accountability, there is a need for a proper reportingsystem in Liberia. thirdly, there is a need for the Government to build a sophisticated andbalancing governmental accounting system, this essay will serve as a reminder to the governmentthat the system need upgrading, especially when the world is ready for a single set ofInternaTiO2al Accounting Standards, for a country to meet up with modern days accountingsystem, it should firstly be willing to establish her own domestic accounting system that willmeet InternaTiO2al Accounting Standard. Accounting wise, every system need proper recordingand in return you will have relevant and reliable report from issuers to users.