The Chartered Institute of Public Finance and Accountancy (CIPFA) has updated its Whole Systems Approach (WSA) to Public Financial Management (PFM) and has developed an online portal for important information, guidance and tools in public finance.
Since its release in 2010, the WSA has aimed to help improve organisations’ approach to PFM, and the latest draft reflects updates in best practice, international frameworks and PFM reforms.
The Developing Excellent Public Finance (DEPF) portal covers all the constituent parts of the WSA, and explains areas for strong PFM; governance, external PFM elements (including: legislation, standards, transparency and scrutiny), internal PFM elements (including: strategy and planning, budget execution and performance monitoring) and the use of accrual-based information at all stages.
CIPFA standards chair Ian Carruthers said: “The CIPFA Whole Systems Approach brings all the key elements of PFM that are necessary for strong governance together. The updated version will offer up-to-date support for organisations that are aiming to strengthen their PFM systems and processes in order to boost their outputs delivery and outcomes achievement. The accompanying portal provides explanation and links to further information and tools to help improve PFM around the world. It is very exciting that CIPFA has pulled together all the relevant PFM information and literature in one online portal.”