Question

As described in the picture given, “government stakeholders are the many and varied individuals and organizations with an interest in some aspect of government. They include voters, businesses, beneficiaries of government programs, other governments, banks and other lenders, not-for-profit organizations, the news media and many more.” Identify three stakeholders in Canada likely to have an interest in government accounting and financial reports and explain why this stakeholder would be holding this interest.

Government Stakeholders For the public sector, accountability is to the public's representatives in government. In democratic states such as Canada, these representatives are ultimately responsible to citizens. Generally speaking, the purposes of the public sector are: to ensure, in the words of the Canadian constitution, peace, order, and good to provide various public goods (such as the rule of law, regulation of markets, national defence, public safety and education), and to prevent or remedy various public ills (such as contagious disease, natural disaster and crime) It is important to understand that much of what public servants, including those involved in financial management, do each day is to satisfy the needs of one or more Government stakeholders are the many and varied individuals and organizations with an interest in some aspect of government. They include voters, businesses, beneficiaries of government programs, other governments, banks and other lenders, not-for-profit organizations, the news media and many more Since government is entrusted with resources raised from taxpayers, stakeholders are generally interested in how effective the government is in exercising financial management. This includes the following accountability individuals in government organizations take responsibility for their actions and their decisions transparency ensuring that openness is a constant feature of how the government operates, by making relevant information available in a timely way to internal and external stakeholders value for money making most efficient and effective use of the limited resources entrusted to the government sustainability of taxpayer-funded spending -taking a long-term view by ensuring that today's decisions do not compromise the future. It is important to make this a documented part of government decision-making, to help ensure that elected officials are able to look beyond their current mandate.

Answer 1

The people who directly or indirectly impacted with the actions of government are called as stakeholders. When it comes to given question, the stakeholders to Canada government, who may interested in their financial reports include:

• Business parties
• Common Public
• Local government bodies

Business parties: These are the people who establishes business entities and helps the nation to become strong in all aspects. They provide employment to the public, they pay taxes to the government, they distribute profits to its shareholders and so on. If the governments are running with surplus budgets, it may announce tax holidays or good incentives to the industrial parties.

Common Pubic: The major source of income to any government is Taxes, collecting taxes from common public is the main source of income to any government. The funds can be used for welfare, development and further progress of the nation.

Local government bodies: which seeks direct fund support from the national government. If the nation is having surplus budget, then it may allocate funds to the local government bodies.

The above said stakeholders generally look at the financial statements of any nation for getting benefit from the government authorities.