In the public sector, the lack of transparency and accountability presents a major risk to the efficiency of capital markets, global financial stability, and long term sustainability. We need to create greater public awareness among all levels of society. If we want to build a society that is sustainable and stable in the long-term, we must be prepared to take responsibility for the changes that will be required to more effectively manage public sector resources. The International Federation of Accountants (IFAC) recently launched the Accountability.Now initiative, which is designed to raise awareness of the need for greater transparency and accountability in public sector financial management. At the core of this initiative is the drive for governments and public sector entities to implement robust and effective accrual-based financial reporting systems, such as those based on International Public Sector Accounting Standards (IPSASs), developed by the International Public Sector Accounting Standards Board (IPSASB.