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The purpose of the study is to investigate the perceptions of Sri Lankan public sector accounting professionals regarding the impacts of successful implementation of accrual accounting on public financial management in Sri Lanka over the long term. Furthermore, this study intends to explore the barriers that hinder such successful implementation and recommendations for the successful maintenance of accrual accounting in Sri Lanka over the long term. This qualitative study collected data by conducting semi-structured interviews with Sri Lankan public sector accounting professionals. The sample was selected non-randomly using the purposive sampling method. Thematic analysis was used to systematically identify and analyze patterns, themes and trends in the qualitative data collected relating to accrual accounting reform in the Sri Lankan public sector. First, this study identified that while some government organizations have successfully implemented accrual accounting in Sri Lanka other organizations still are in the initial phase of adoption, indicating that the Sri Lankan public sector has yet not fully implemented accrual accounting successfully. Second, the study found that some of the reasons for delaying the successful implementation are, interdependency of government organizations, prevailing inappropriate government regulations and policies, implementation costs, outdated systems, complexity, lack of experience and knowledge of government employees in accounts divisions, lack of support from other parties and resistance to change. Third, this study found that the successful implementation would require changing government regulations and policies suitable to the accrual concept, enhancing digitalization in the public sector, increasing other institutional support, legalization of accrual-based accounting, promoting international collaborations, developing professional skills of accounting staff in the public sector and initiating step by step approach to minimize resistance to change. Fourth, the study found that accuracy, completeness, transparency, accountability, comparability, performance evaluation, risk management, asset liability management, income expenditure management and minimizing corruption, fraud and waste are diverse benefits in the short term by implementing accrual accounting in the Sri Lankan public sector. Through these benefits, informed decision-making, international recognition and collaboration, robust budgeting and financial planning, efficiency and effectiveness, and economic stability and development will be derived in the long term. Finally, this study found that Sri Lankan public sector accounting professionals perceive that accrual accounting brings more positive advantages in both the short term and long term through its successful implementation over the issues encountered by them currently. This study offers valuable insight for policymakers, administrators and other stakeholders involved in the Sri Lankan public sector by emphasizing the importance of strengthening the successful implementation of accrual accounting.