The Chartered Institute of Public Finance and Accountancy (CIPFA) has announced it will release the first balance sheet on Northern Ireland financial position.

The balance sheet is to be released at CIPFA Northern Ireland conference on 8 October. It was compiled by consolidating the most recently available published accounts from Northern Ireland’s public bodies, including central government and local councils.

"Through releasing a clear picture on where Northern Ireland’s public finances are we strengthen the financial information available to policy makers and managers of public services," CIPFA Northern Ireland head Steve Mungavin said. "Without good information and advice there will be poor decision making leading to poor use of public money, inefficient services and exposure to risk."

Mungavin added that CIPFA advocates for the development and use of projected balance sheets by the devolved administration as an integral part of its fiscal and budgetary framework.

"The balance sheet provides a starting point to open the discussion on rebalancing the relationship between citizen and state and working towards achievement of fiscal sustainability for the devolved administration," he concluded.