The International Federation of Accountants (IFAC) has issued a Policy Position Paper calling for enhanced pubic sector financial transparency and accountability.
The paper, Public Sector Financial Management Transparency and Accountability: The Use of International Public Sector Accounting Standards, promotes the use of accrual-based accounting through the adoption and implementation of Internal Public Sector Accounting Standards (IPSASs).
This set of standards allows for enhanced monitoring of government debt and liabilities and is issued by the International Public Sector Accounting Standards Board, an independent standard-setting board supported by IFAC.
The institute’s chief executive Ian Ball said following the sovereign debt crisis governments around the world must collectively embrace high-quality and uniform accrual-based standards for financial reporting in order to protect the interests of both investors and citizens.
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