• Register
Return to: Home > News > Standards > World Bank, IMF and IFAC committed to influence for PFM reforms and IPSAS implementation

World Bank, IMF and IFAC committed to influence for PFM reforms and IPSAS implementation

Delegates from the Word Bank, the International Public Sector Accounting Standards Board, the IMF and IFAC attended earlier this month an international seminar in Washington D.C to assess the current state of public financial management (PFM) reforms around the world and support the use of accrual accounting in public finances through the implementation of the International Public Sector Accounting Standards (IPSAS).

During the seminar the delegates emphasised that they need to increase the availability and use of high-quality accrual information for transparency and decision making by public sector organisations themselves, as well as key stakeholders including parliamentarians, journalists, civil society, and capital market participants.

The World Bank delegates highlighted the importance of implementing IPSAS, and the real challenges that countries face in accounting and reporting specifically, and broader public sector reforms required to actually achieve better decision making.

IFAC chief executive officer Fayez Choudhury said: “Government spending accounts for a significant portion of a country’s GDP, and many governments are incurring deficits that will have to be settled by future generations. We must address both the supply of, and demand for, better public sector financial information. Public sector leaders must embrace accrual-based IPSAS as the basis of transparent, accountable financial reporting, which is an essential component of strong PFM.”

Top Content

    Addressing tax challenges and the digitisation of the economy

    As the economy becomes even more globalised through digital sources, the tax systems currently in place need to be scrutinised to examine whether they are still fit for current and emerging business models. Joe Pickard reports on the OECD’s approach to this issue.

    read more

    Primary financial statements: a game changer in reporting?

    International Accounting Standards Board chair Hans Hoogervorst delivered a speech at the Seminario International sobre NIIF y NIF, organised by the Consejo Mexicano de Normas de Información Financiera in Mexico. The Accountant presents the highlights.

    read more

    FASB readies standards for the netflix generation

    The US Financial Accounting Standards Board (FASB) has updated its accounting standard for entertainment, with a specific eye on keeping up to date with how episodic content, such as television programmes, is consumed in the modern world. Jonathan Minter reports.

    read more

    Brexit: why it takes two to tango

    Former TA editor Vincent Huck, now editor of Insurance Asset Risk, looks at why Brexit might unleash geopolitical intrigue in Europe’s accounting standard-setting scene – and why IFRS 17 will be an incredible source of opportunity for firms in the coming years.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.