"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
- A recent Forbes article asks "Greece's Net Debt Is 18% of GDP, Not 175%. What's Germany's?"
- Greece's government does not use International Public Sector Accounting Standards (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.
- During the World Congress of Accountants 2014 in Rome, IPSASB Chair Andreas Bergmann discusses IPSAS implementation with Public Finance International.
- Brazil's compliance with IPSASs may delay some government programs, writes Fitch Ratings.
- The Himalayan reports the Nepalese government plans to roll out new public accounting software based on IPSASs.
- Ghana announces adoption of International Public Sector Accounting Standards, according to an official Government of Ghana announcement.
- Former IFAC CEO Ian Ball discusses IPSASs and accrual accounting in The Economist
- 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.