Within many sectors of the economy the last two decades have seen a greater emphasis placed on the management of financial resources. The financial
management attributes of organizations are no longer the perogative and sole responsibility of higher echelons of management, but are now the dayto-day currency of all managers. This has resulted from the flattening of management structures empowering individuals to take responsibility for the broader aspects of their jobs, including finance. The public sector in particular has seen many changes resulting in the delegation of financial management to operation managers and professionals. We now have delegated budgets for general practitioners, the local management of schools has meant primary and secondary school governors are responsible for the financial wellbeing of their schools. There has been a whole spate of privatizations of previously public sector organizations, where the finances of the market now influence decision making to a greater extent. Stagecoach plc is a classic example of a company growing by the acquisition of recently privatized local authority bus and coach services. The varying changes have led to an increased emphasis on the financial aspects of all activities and this has created a growing importance of accounting information.