The Government of Honduras faced serious macroeconomic challenges because of the financial crisis. Minister Castejon pointed out that the financial management system was not able to report effectively on the financial situation of the government.
Sr. Romero described legal reform in Honduras and the move towards supporting international standards. Sr. Moncado described the plan of action to implement IPSAS. Lessons learned included:
- Legislation enabling support of international standards
- Training is critical to the successful implementation of IPSAS
- Numerous changes in reports are necessary to support IPSAS
The application of international standards and a move towards accrual accounting leads to a deeper analysis and makes accounting more accurate in order for government accounting reports to be reliable according to Sr. Moncado. Identifying assets and liabilities of the government has lead theGovernment of Honduras to have better control over the state heritage.
The Government of Honduras plans to adopt the IPSAS accrual accounting standards by January 2014. The Government of Honduras is is currently cataloging all government assets. Sr. Moncado believes that the challanges for the future include rolling out to municipal governments, consolidating financial statements and supporting information in a single accounting system.