Public sector is the heartbeat of any civilized country. Financial reporting is a key component of public sector accountability and transparency. The Public Finance Management (PFM) Act 2012 and the PFM Guidelines 2016 provide a blueprint of how public finance resources must be accounted for, to achieve accountability and transparency in their utilization. Despite the existing legal frameworks which provide guidance on the utilization and accountability requirements in the public sector, a myriad of challenges still exist in realizing effective and accountable utilization of the public resources.