Press Releases/News Alerts
Mar 02, 2015
New York, New York
IPSASB Welcomes Governance Review Group Recommendations, Including Establishment of a new Public Interest Committee
The International Public Sector Accounting Standards Board® (IPSASB®) welcomes the IPSASB Governance Review Group’s final recommendations on the future governance of the IPSASB, released today. The recommendations include the establishment of a governance body—the Public Interest Committee—to ensure that the public interest is served by the IPSASB’s standard-setting activities, as well as the establishment of an IPSASB Consultative Advisory Group.
The Review Group was formed to assess the IPSASB’s governance arrangements and to make recommendations to strengthen these processes and structures. It is chaired by the International Monetary Fund (IMF), Organisation for Economic Co-operation and Development (OECD), and World Bank; members are representatives from the Financial Stability Board (FSB), International Organization of Securities Commissions (IOSCO), and International Organization of Supreme Audit Institutions (INTOSAI).
“The IPSASB has a growing reputation as the international standard setter for the public sector, and its standards are increasingly considered benchmarks for public sector financial reporting,” noted IPSASB Chair Dr. Andreas Bergmann. “The Review Group’s recommendations on the board’s governance will provide further support to these trends by assuring governments and other stakeholders that the board is independent, that it acts in the public interest, and that its standards result from widespread and carefully considered comment from interested stakeholders around the world.”
The IPSASB Review Group has developed draft Terms of Reference for the Public Interest Committee and plans an inaugural meeting of the Committee by the end of March 2015. The recommendations are available here.
About the IPSASB
The IPSASB develops accounting standards and guidance for use by public sector entities. It receives support (both direct financial and in-kind) from the World Bank, the Asian Development Bank, the Chartered Professional Accountants of Canada, the South African Accounting Standards Board, and the governments of Canada, New Zealand, and Switzerland. The structures and processes that support the operations of the IPSASB are facilitated by 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. It is comprised of over 175 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.