ASSIGNMENT BRIEF The global financial crisis and the subsequent sovereign debt crisis have brought to light that the lack of transparency in public finances and poor public finance management may put at risk governments' ability to service large public debts and meet their welfare commitments and other public service delivery objectives. There is now growing recognition of the importance of appropriate accounting and financial management in the public sector as a key means of achieving sustainable public finances. Governments need to step up and adopt sound and transparent accounting and reporting rules, as part of the democratic accountability process and the wider public finance management. Although approximately half of the governments are still using traditional cash-based accounting practices, a positive trend is noted: accounting modernisation reforms are being initiated or planned all over the world, with 7 in 10 governments intending to use accrual accounting in five years' time, often taking IPSAS (International Public Sector Accounting Standards) as a reference point. The trend is visible across all continents and is particularly remarkable for non-OECD countries Demonstrate the limitation and the opportunity for improvement of Public Sector Accounting in Malaysia. Your assignment should consist the following subtopic: (a) Introduction (b) Literature Review (c) Discussions (d) Recommendations (e) Conclusions