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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.”

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