IFAC Outgoing CEO Calls on Russian Presidency of G-20 to Advance Adoption and Implementation of International Public Sector Accounting Standards

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    Feb 19, 2013
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    IFAC Outgoing CEO Calls on Russian Presidency of G-20 to Advance Adoption and Implementation of International Public Sector Accounting Standards

    Presenting at “The G-20 Agenda Under the Russian Chairmanship,” a high-level public-private sector conference organized by the Institute of International Finance in partnership with the Ministry of Finance of the Russian Federation, International Federation of Accountants Outgoing CEO Ian Ball called on Russia to use its G-20 Presidency to strengthen global financial stability by supporting adoption and implementation of International Public Sector Reporting Standards (IPSASs).

    In particular, Ball called on the Russian Presidency to:

    • Create a better understanding of the need to significantly enhance the quality of accounting by governments;
    • Urge the Financial Stability Board (FSB) to adopt IPSASs as one of the core sets of standards; and
    • Direct the FSB to research the effectiveness of different institutional arrangements for fiscal management and governance.

    As early as 2007, IFAC stated that it “is concerned that the standards and regulations governing sovereign issuers are not of sufficient quality to protect investors and ensure the stability of capital markets.” Consistent with its past submissions to the G-20, IFAC calls for urgent research and action to address this critical, but neglected, component of the international financial system. The G-20 should actively encourage the adoption of accrual-based accounting and budgeting by governments and public sector institutions, which will promote greater transparency and accountability in public sector finances and allow for monitoring of government debt and liabilities for their true economic implications.

    About IFAC
    IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 173 members and associates in 129 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

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