Includes “Many governments around the world have used financial loan guarantees as part of their response to the COVID-19 pandemic. … If a business fails or cannot repay for whatever reason, then the bank or financial institution concerned can recover all or part of the unpaid loan balance from the relevant government instead. … Applying accrual based accounting standards is part of wider Public Finance Management to enable good decision making but to also hold those charged with governance to account.”
Read the full article on: Institute of Chartered Accountants in England and Wales