Calling it a bold step, Sir Allan noted the change would first and foremost bring more transparency to the arena of financial reporting, and make reports more user-friendly.

He cautioned, however, against the reluctance of most humans to accept change, and cited as a perfect example, the slow transition in the public sector's acceptance of Public Sector Reform.

"In my 40 years of experience in business, the most difficult aspect was to manage change," Sir Allan told the Upper Chamber.

"People are naturally reluctant to change their modus operandi, and I caution about the challenge of this change."

He also warned that trying to implement both systems in parallel, would be a "recipe for disaster". He noted it remained impossible to keep an old system and run a new one at the same time.

"The benefits should be that the accounts are more user-friendly, and the private sector could also be properly paid for goods and services on a more timely basis, and not have to wait for another period if a payment date is missed at the end of March," Sir Allan said.

He suggested that the new system should now also allow Government to concentrate on the physical improvement of a number of their properties which needed better maintenance.

"Hopefully, there will be more funds allocated in the Estimates next week, to see that funds are allocated to maintaining buildings belonging to Government which are in total disrepair."

The senator added that should that be done, he hoped the appropriate depreciation and insurance would also be put in place for those properties. (BA)