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NEFC Continues Discussions on Standardising Sub-National Chart of Accounts in IFMS
🇵🇬 Papua New Guinea /Economy & Trade

NEFC Continues Discussions on Standardising Sub-National Chart of Accounts in IFMS

From Post-Courier · () English

Summarized and contextualized by DistantNews.

At a glance

News Official statement New plan
  • The National Economic and Fiscal Commission (NEFC) is working to standardize the Sub-National Chart of Accounts within the Integrated Financial Management System (IFMS).
  • A recent meeting focused on establishing a uniform accounting structure for provincial and local governments.
  • The goal is to improve budgeting, expenditure tracking, monitoring, and financial reporting.

The National Economic and Fiscal Commission (NEFC) is actively pursuing the standardization of the Sub-National Chart of Accounts, a critical step towards enhancing financial management across Papua New Guinea's sub-national governments.

In a recent meeting on June 12, 2026, NEFC engaged with key departments, including the Department of Prime Minister and National Executive Council, the Department of Treasury, and the Department of Finance. The discussions centered on advancing efforts within Key Focus Area 3 of the Public Finance Management Systems.

The primary objective is to establish a uniform Chart of Accounts structure. This standardization is deemed essential for improving crucial financial processes such as budgeting, tracking expenditures, monitoring financial activities, and ensuring accurate financial reporting at both provincial and local government levels.

DistantNews Editorial

Originally published by Post-Courier. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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