Reform of government financial management systems in the past decade has seen developments in accrual accounting and in results-based budgeting and reporting. Australia has worked with an accrual-based framework for outcomes and outputs budgeting and reporting since fiscal year 1999/2000. The United Kingdom moved to a resource-based (or accrual-based) financial management system in April 2001. This article evaluates the Australian and British reforms, including aspects such as parliamentary control, political accountability, the role of managers, the political decision-making process, financial control, and critical factors for success or failure.