New rules governing the way the States of Guernsey manages and spends taxpayers' money have been agreed.
The guidelines for best practice were put forward by the Treasury and Resources department after criticism in two reports.
Deputy Leon Gallienne said the current systems were outdated and the change was long overdue.
He said: "Introducing these mandatory rules in a time of financial restraint could not come at a better time."
Deputy Gallienne said: "[It] will assist this government and future governments to handle the difficult tasks and decisions that lay ahead."
The guidelines were put together after a six-week consultation period and are aimed at addressing some of the problems identified in the fundamental spending review and the Wales Audit Office report.