The Chartered Institute of Public Finance and Accountancy (CIPFA) along with the International Federation of Accountants (IFAC) have announced the launch of an international public sector financial accountability index to provide a global view of public sector financial reporting quality.
The index aims to provide better understanding of accounting and budgeting reform plans, and help stimulate public financial management (PFM) reforms. The output of the index will be a regularly updated country-by-country public database focusing on financial management at the central government level, which will later expand to state and local government level.
Developed as part of the Accountability. Now. initiative with the Zurich University of Applied Sciences (ZHAW) as knowledge partner, the index looks at the extent of accrual accounting and adoption of International Public Sector Accounting Standards (IPSAS).
The first set of data will be made available in November 2017. National standard setters will be invited to review, comment upon, and supplement the information.