Highlights from the IPSASB CAG's June 26, 2017, meeting in Luxembourg, Luxembourg.

0:10 – Introduction (John Stanford, Technical Director, IPSASB)

0:27 – Summary of IPSASB CAG meeting (Thomas Müller-Marqués Berger, IPSASB CAG Chair)

8:50 – Closing remarks (John Stanford, Technical Director, IPSASB)

The IAESB Personal Perspectives Series shares the insights from board members and technical advisors on some of the challenges affecting aspiring professional accountants and the importance of effective accountancy learning and development. The first Perspective is from Greg Owens, IAESB member and Global Assurance Director at BDO’s global office.

Highlights from the IPSASB's June 27 - 30, 2017, meeting in Luxembourg, Luxembourg.

0:10 – Introduction (John Stanford, Technical Director, IPSASB)

1:13 – Overview of IPSASB meeting (Ian Carruthers, IPSASB Chair)

2:54 – Revenue and Non-Exchange Expenses (Jo Spencer, Standards Development & Technical Projects, IPSASB)

5:47 – Financial Instruments (Dave Warren, Principal, Public Sector Accounting Board, Canada)

6:54 – Social Benefits (Paul Mason, Principal, IPSASB)

7:58 – Strategy and Work Plan (Ian Carruthers, IPSASB Chair)

11:05 – Closing remarks (John Stanford, Technical Director, IPSASB)

At the Chartered Institute of Public Finance and Accountancy (CIPFA)’s 2017 Conference in Manchester, UK, the International Federation of Accountants (IFAC) and CIPFA announced the launch of the Public Sector Financial Accountability Index.

Developed jointly by IFAC, as part of its Accountability. Now. initiative, and CIPFA, with the Zurich University of Applied Sciences as knowledge partner, the index will be the first of its kind to provide an accurate global picture of public sector financial reporting quality.

In particular, the index will provide a picture of the extent of accrual accounting and adoption of International Public Sector Accounting Standards. It will also aim to provide a better understanding of accounting and budgeting reform plans, and help stimulate public financial management (PFM) reforms.

The main output will be a regularly updated country-by-country public database. It will initially focus on central government, and expand over time to include state/provincial and local government.

The index will initially be populated with research data on individual countries and regions, collected by various international institutions. National standard setters will be invited to review, comment upon, and supplement the information, after which the first set of data will be made available in November 2017.

“The Public Sector Financial Accountability Index will provide better insight into the extent of global public financial reporting reform, and stimulate further reform,” said Fayez Choudhury, IFAC Chief Executive Officer.

“High-quality accrual-based information that captures the entire picture of a government’s finances and its funding commitments, both now and in the future, is the foundation for strong public financial management,” said Rob Whiteman, CIPFA CEO. “It strengthens economies, and, most importantly, builds trust with citizens. CIPFA is proud to be supporting the development of this index, which we believe will be a relevant and timely contribution to global PFM reform.”

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 more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

About CIPFA
CIPFA, the Chartered Institute of Public Finance and Accountancy, is the professional body for people in public finance. Our 14,000 members work throughout the public services, in national audit agencies, in major accountancy firms, and in other bodies where public money needs to be effectively and efficiently managed.

Accountability. Now. is an initiative of the International Federation of Accountants (IFAC) to promote high-quality financial accounting and reporting by governments to improve transparency and help strengthen public financial management and accountability in the public interest. Further information can be obtained via the Accountability. Now. brochure.

IFAC and the World Bank Centre for Financial Reporting Reform hosted a joint Regional Small- and Medium-sized Practices (SMP) Forum for Europe and Central Asia on May 31 in Vienna, Austria.

The Forum provided the opportunity to discuss addressing the challenges and opportunities SMPs and medium-sized entities (SMEs) face. More than 20 representatives from regional and national professional accountancy organizations (PAOs) in Central Asia and Southeast and Eastern Europe attended, as well as practitioners, SMPs, and other stakeholders.

International and regional subject-matter experts shared important insights on professional ethics, efficiently implementing international standards, and practice management, among other topics.

Speakers and moderators included:

• Rachel Grimes, IFAC President
• Edward Olowo-Okere, Director, Governance, The World Bank
• Gunter Schall, Head of Private Sector & Development, Austrian Development Agency
• Monica Foerster, Chair, IFAC SMP Committee
• Mats Olsson, Deputy Chair, IFAC SMP Committee
• Hilde Blomme, Deputy Chief Executive, Accountancy Europe
• Carl Peterson, Vice President, Small Firm Interests – Public Accounting, Association of International Certified Professional Accountants
• John Hodge, Senior Financial Management Specialist, CFRR, The World Bank
• Ken Siong, Technical Director, International Ethics Standards Board for Accountants
• Paul Thompson, Director, European Federation of Accountants and Auditors for SMEs
• Ardiana Bunjaku, Executive Director, Society of Certified Accountants and Auditors of Kosovo
• Robyn Erskine, Member, IFAC SMP Committee
• Kalina Sukarova, Senior Financial Management Specialist, CFRR, The World Bank
• Beverley Bahlmann, Deputy Director, International Auditing and Assurance Standards Board
• Dawn McGeachy, Member, IFAC SMP Committee
• Hysen Cela, President, Institute of Authorized Chartered Auditors of Albania
• Manoj Fadnis, Member, IFAC SMP Committee
• Bonnie Ann Sirois, Senior Financial Management Specialist, CFRR, The World Bank
• Aliaksey Yeudachimovich, Belarus Association of Auditors
• George Williw, Member, IFAC SMP Committee
• Antoni Gomez, Member, IFAC SMP Committee
• Wassim Khrouf, Member, IFAC SMP Committee
• Alfred Borgonovo, Senior Financial Management Specialist, CFRR, The World Bank

The Forum agenda is available online; presentations are available below.

What does it take to establish a national professional accountancy organization (PAO)? How about one that is relevant, sustainable, and ready to adopt and implement international standards and best practices? Is there a set formula for success?