• 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

    ARGA team, assemble!

    The new top team has been named that will see in root-and-branch reform at the Financial Reporting Council (FRC) as it transforms into the Audit, Reporting and Governance Authority (ARGA). Will the new duo be as dynamic as some are hoping? Robin Amlôt reports.

    read more

    FASB: a quest for simpler standards

    FASB chair Russell Golden addressed the IMA 2019 Annual Conference and Expo at the Sheraton San Diego Hotel and Marina, California, on 18 June. IMA immediate former chair-emeritus Alex Eng acted as moderator. Joe Pickard reports.

    read more

    The future of audit, and how to get there

    Two recent reports peer into the future of the audit profession. One analyses what an audit should offer, while the other looks at how the audit process will be carried out. Robin Amlôt takes a closer look at both.

    read more

    EFAA elects new president, focuses on digital future

    EFAA’s new president, Salvador Marin, outlined his key priorities for the next two years at the organisation’s 2019 annual general meeting, while outgoing president Bodo Richardt offered advice. Robin Amlôt reports.

    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.