Contributing to the Global Economy

Securing Sustainable Finances – Advancing a Global Approach

Gabriella Kusz MBA, MPP, CPA, CGMA, Darlene Nzorubara | September 2, 2020

Across the world, governments face the unprecedented impact of major simultaneous public health and economic crises. The on-going pandemic and looming economic recession require government interventions, which will impact public finances for years to come.

Amid the COVID-19 crisis, IFAC and the World Bank Group Governance Global Practice have come together for the inaugural THRIVE (Transparent, Healthy, Resilient Institutions for a Vibrant Economy) and second in the ADVANCE series of webinars: “The Sustainability of Public Finance—Supporting Resilient Response and Recovery in the Public Sector: Through the Lens of Accounting and Auditing.”

Held in English, French and Arabic language, the webinar considered the importance of high-quality financial reports based on International Public Sector Accounting Standards (IPSAS) and showcased the tools available to support the transition to accrual accounting.

The webinar provided an overview of the global and regional landscape of financial reporting practice and public financial management reforms.

The webinar also highlighted the role of the accountancy profession in enhancing the quality, trust, and transparency of public financial reporting and financial management for the public sectors, a key underpinnings for sustainable economic development

Over 800 participants joined the webinar, with 86% of post-webinar survey respondents noting that they are more likely to promote IPSAS implementation in their country after completing the event.

How can strong accounting support sustainable finances in the wake of the COVID-19 crisis? Through the conversation with leaders from the World Bank, the Ministry of Finance of the Kingdom of Saudi Arabia, IFAC and IPSASB, a few overarching takeaways emerged.

Strong public financial management is more important than ever.

In order to overcome current challenges, and plan for the future, strong public financial management is needed. Without a comprehensive understanding of public finances, governments cannot make decisions that support citizens over the long-term. In particular, achieving strong PFM requires adoption of accrual accounting and globally-accepted accounting standards, including IPSAS.

The COVID-19 crisis has shown the gaps in public sector infrastructure. We must improve public sector resiliency moving forward – and accounting is an important part of the equation.

Regional efforts are key, but remember that we’re all in this together.

National and regional governments have, for the large part, acted quickly to mitigate the health and economic repercussions of the pandemic. This is encouraging, but it also serves us well to remember that we’re in it together.

We are all fighting the same virus – and just as a vaccine will serve the interests of citizens globally, so will global efforts to provide financial support and learnings on policy and fiscal interventions.

Both the exchange of funds and information is key. Let’s not forget that we are all fighting this challenge together.

Take stock of any lessons for crisis-readiness moving forward.

Unfortunately, the COVID crisis is not the only pressing, systemic challenge we face as a global community. Climate change, for example, continues to threaten lives and livelihoods – and the consequences of the crisis will only deepen in the years to come.

To the extent possible, governments must take forward the lessons from COVID-19 – in terms of risk assessment, deployment of resources, policies to address ongoing crises, and others – to apply to future emergency situations we will inevitably face.

In short, this must be the time for change. Underpinning societies globally are strong governments – and governments are only strong when they make decisions that support citizens wellbeing. Good accounting practices and policies provide the high-quality information to support these strong decisions.

We must see the current crisis as an opportunity for change and improvement. When it comes to public sector sustainability, it’s about more than money changing hands – it’s about securing long-term health and wealth for citizens across the globe.

 
Watch the Full Webinar in English, French, or Arabic
The Sustainability of Public Finance: Supporting Resilient Response & Recovery in the Public Sector
La viabilité des finances publiques—Soutenir la résilience et le redressement dans le secteur public
استدامة المالية العامة - دعم مجابهة الصدمات والتعافي في القطاع العام
 
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Gabriella Kusz MBA, MPP, CPA, CGMA

Gabriella Kusz is an IFAC consultant and serves as Board Director and Member of the Executive Committee and Public Policy and Regulation Committee of the Global Digital Asset and Cryptocurrency Association, a global voluntary self-regulatory association for the industry. She is also a Distinguished Global Expert for the Global Small and Medium Enterprise (SME) Policy Network  (GSPN) at Prince Sultan University (Riyadh, KSA). Previously, she worked with the World Bank Group as Sr. Financial Management Specialist responsible for leading the Corporate Governance and Financial Reporting (CGFR) workstream for the Middle East and North Africa (MENA) region. Prior to this, Gabriella served IFAC and the accountancy profession as a Senior Technical Manager responsible for the IFAC MOSAIC Initiative, PAO Development Committee, and Compliance Program portfolios in Southeastern Europe, Central America and the MENA region. Gabriella is a licensed US CPA (State of Virginia) and CGMA and holds AICPA Certificates in IFRS and Not-for-Profit Accounting as well as the Global Reporting Initiative Certificate in Sustainability Reporting Standards. She holds her Master’s in Public Policy (International Policy and Development) from Georgetown University, a Master’s in Business Administration and Bachelor of Accounting from the University of Dayton. She is presently completing her Certificate in Arabic Language and Cultures at the University of Chicago Graham School See more by Gabriella Kusz MBA, MPP, CPA, CGMA

Darlene Nzorubara

Darlene Nzorubara is a senior technical manager on IFAC’s Quality and Development team, having joined IFAC in April 2011. In her time at IFAC, she has managed compliance and membership activities and currently supports the PAO Capacity Building Program and MOSAIC (Memorandum of Understanding to Strengthen Accountancy and Improve Collaboration) Steering Committee. These roles have helped her gain insights into development challenges experienced by PAOs in low-income nations. Before joining IFAC, Darlene was a governance research assistant at Baruch College in New York and a legal assistant for a law firm in Paris, France. Darlene has post-graduate degrees in international economic law and business and exportation law from Université René Descartes – Paris V along with a Master in International Financial Affairs from EHEI and a Master in Public Administration from Baruch College. See more by Darlene Nzorubara

 
 

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