Adoption and Implementation
The sovereign debt crisis has illustrated the dire consequences of insufficient transparency and accountability of governments and poor public finance management and reporting.
Governments are not risk-free and the failure of fiscal management in the public sector has an economic impact that will far exceed the impact of losses incurred by corporate failures. This jeopardizes both the interests of the public as well as investors.
Today, many key decision-makers, politicians, and public finance management leaders are taking the key steps toward meaningful reform, including the adoption and implementation of accrual accounting and International Public Sector Accounting Standards (IPSASs).
IPSASs and Accrual Accounting News and Events
- Former IFAC CEO Ian Ball discusses IPSASs and accrual accounting in a recent article in The Economist
- "One in three public sector bodies ‘not effectively managing risk,’" reports Public Finance on a recent poll conducted by the Chartered Institute of Internal Auditors
- "BoE Paper Endorses Automatic Restructuring of Sovereign Debt:" WSJ Blogs discusses Bank of England recommendations for dealing with sovereign debt issues
- Public Finance coverage of Malta’s move toward IPSAS adoption
- The World Bank approves US$5 million grant to support public sector financial management in Gambia, reports AllAfrica.com
- The African Union says IPSAS compliance “will ensure complete, transparent, and accurate accounting and reporting on an annual basis,” writes Public Finance
- In The Hill, a CPA and former two-term Member of Congress says it’s “past time for the U.S. Congress to pass legislation adopting accrual-based accounting standards"
A CLOSER LOOK AT:
The IPSASB's "A Closer Look At:" series examines the challenges and benefits of governments adopting IPSASs and accrual accounting.