IFAC has urged the G-20 Deputies and Finance Ministers at their April 2012 meeting in Mexico to take action to encourage governments to seriously address the quality of public sector financial management systems and institutions. The letter, which is a follow-up to previous submissions to the G-20 in 2009, 2010, and 2011, focuses solely on public sector financial management, transparency, and accountability.
The PSTF strongly encourages the G-20 to implement all of the 15 recommendations presented in its 2011 Report with a strong emphasis on its first two recommendations, encouraging the G-20 to: continue to focus on regulatory convergence in the financial sector, ensuring that G-20 nations work together to identify and narrow gaps in regulatory practice; and discourage nations from implementing unilateral national regulatory reforms that are inconsistent with international standards and that widen—rather than narrow—the convergence gap.
The International Public Sector Accounting Standards Board (IPSASB) has published Exposure Draft (ED) 47, Financial Statement Discussion and Analysis—a proposed new standard. The ED proposes minimum required content while still providing sufficient flexibility for entities to prepare and publish financial statement discussion and analysis that best portrays their specific circumstances.
Because of the close link between financial statement discussion and analysis and an entity’s financial statements, ED 47 proposes that:
ED 47 includes implementation guidance and an illustrative example that show how an entity might prepare its financial statement discussion and analysis to comply with the proposed requirements.
IPSASB Chair Andreas Bergmann notes, “The purpose of the financial statement discussion and analysis is to provide additional information to users of an entity’s financial statements for accountability and decision-making purposes. Financial statement discussion and analysis complements and supplements the information in the accrual-based financial statements with further insights and perspectives.”
How to Comment
To access the Exposure Draft and the At-a-Glance document, which provides a summary of the Exposure Draft, or to submit a comment, please visit the IPSASB website at www.ipsasb.org. Comments on the Exposure Draft are requested by July 31, 2012. The IPSASB encourages IFAC members, associates, and regional accountancy bodies to promote the availability of this Exposure Draft to their members and employees.
About the IPSASB
The IPSASB develops accounting standards and guidance for use by public sector entities. The structures and processes that support the operations of the IPSASB are facilitated by IFAC. The IPSASB receives support (both direct financial and in-kind) from the World Bank, the Asian Development Bank, the United Nations and the governments of Canada, China, New Zealand, and Switzerland.
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 167 members and associates in 127 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.
# # #
See all presentations at www.ifac.org/2012SMPForum.
Helping SMPs Promote and Implement Standards, Influencing the Regulatory Agenda, Assisting SMPs Develop Business Advisory
See all presentations at www.ifac.org/2012SMPForum.
See all presentations at www.ifac.org/2012SMPForum.