The Impact of Applying the GFSM 2014 on Public Sector Assessment during the COVID-19 Pandemic: Applied in Australia and Oman

The chapter aimed primarily to measure the impact of the COVID-19 pandemic on countries implementing the GFSM 2014 through global best practices. The analytical methodology was used in the countries applying the GFSM 2014, the case study of Australia from 2017–2018 to 2020–2021, and the Sultanate of Oman from 2018 to 2021. The performance of the public sector was analyzed using six indicators, which were divided into public finance indicators; Gross operating balance (GOB), below-the-line transactions, and transfer payments excluding grants, and wealth and debt indicators include Total debt, net financial value, and change in net worth. One of the most important results of the chapter is that the application of GFSM 2014 in countries contributes to giving a comprehensive view of the performance of the public sector, and the analysis of public finance indicators and indicators of wealth and debt gave a balanced view of the performance to include financial statistics of flows and balances. The chapter recommended the need to fully adhere to the GFSM 2014 analytical framework and its accounting rules, and Enhance cooperation between the Ministry of Finance, the National Bureau of Statistics, and the Accounting Regulatory Authority to measure, present, and disclose the government’s financial statistics.