Financial Management Authority
Government accounting
Central government accounting ensures that public funds are recorded correctly, used in accordance with authorisations, settled in a consistent manner and published in a way that supports accountability for how they are managed. Central government accounting therefore combines:
Traditional financial accounting, meaning the recording of revenue, expenditure, assets and liabilities
Appropriation accounting, meaning monitoring of the authorisations granted by the Althingi
Settlement and financial reporting, including annual financial statements and the central government accounts
Internal control and transparency, so that the use of public funds can be traced
Standardised procedures, where the Financial Management Authority ensures that public entities work according to comparable rules