Showcasing Good Public Financial Management
IFAC | January 28, 2019
Public financial management refers to the collection, management and expenditure of public finances throughout an economy. The core objective of public financial management is to improve citizens' lives through better management of public money.
Strong public financial management processes and systems are essential for effective and efficient delivery of public services, transparent public finances, and trust between government and citizens.
Professional accountants have an essential role to play in supporting good financial management practices. As such, IFAC and ACCA are keen to showcase how such strong systems make a difference when public sector spending is under intense scrutiny.
Through a series of case studies, we will highlight real success stories in the public sector. The below videos showcase:
- The asset and liability committee (ALCO) in New South Wales Treasury, Australia, and the implementation of international public sector accounting standards by the Ministry of Finance and Planning in Tanzania.
- The stormwater charge initiative, implemented by the city of Mississauga, Canada.
- How the government of Pakistan implemented a new flagship project that improved their entire PFM structure.
- The New South Wales Generations Fund – a world-leading fund that’s sharing the benefits of its returns by funding community projects.