"The state of government reporting is 'the elephant in the room.'"
— World Bank Group CFO Vincenzo LaVia
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).
IPSAS and Accrual Accounting News
- Greece's Finance Ministry has announced public sector financial reforms, including the adoption of International Public Sector Accounting Standards (IPSASs).
- Developing Malta's accounting system is a priority of its government, says the nation's finance minister.
- PAFA President Prof. Mussa Assad opens the African Congress of Accountants with a call for better public sector accounting training, monitoring, and reporting.
- The European Central Bank has urged governments to adopt public sector financial management reforms as a way to spur growth.
- The Nigerian government's and public sector organizations' plans to adopt IPSASs may help battle corruption.
- Greece's government does not use IPSASs, which has contributed to ongoing problems, writes University of Southern California Professor Jacob Soll in the New York Times.
- The chairman of the International Arab Society of Certified Accountants announces Jordan's plans to adopt IPSASs.
- IPSAS 33, First-time Adoption of Accrual Basis IPSASs
- 2014 Handbook of International Public Sector Accounting Pronouncements
- The Importance of Accrual-based Financial Reporting in the Public Sector
- Study 14—Transition to the Accrual Basis of Accounting: Guidance for Governments and Government Entities (Third Edition)
"A Closer Look at:"
The IPSASB's "A Closer Look at:" series examines the challenges and benefits of governments adopting IPSASs and accrual accounting. In print and video interviews, each nation's expert describes the process and shares key details, timelines, and lessons learned.
The IPSASB's "A Closer Look at:" series examines the challenges and benefits of governments adopting IPSASs and accrual accounting.IPSASB "A Closer Look at: South Africa"IPSASB "A Closer Look at: Panama"IPSASB "A Closer Look at: Brazil"IPSASB "A Closer Look at: Switzerland"IPSASB "A Closer Look at: New Zealand"