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May 30, 2013

JICPA issues public sector financial accounting report

by Daniel Milroy Maher

The Japanese Institute of Certified Public Accountants (JICPA) has issued a report on public sector financial accounting and auditing as a way to stimulate debate on the matter.

The research for the report, Development of performance auditing in public sector and the role of accountants, was carried out by JICPA’s special task force and reviews a recent revision of the Local Autonomy Act of Japan in order to work towards improving public sector financial accounting and auditing in the country.

On the back of increasing scrutiny of current public sector financial management, due to worsening of financial conditions in local governments and other public sector entities in Japan, the report examines overseas development in performance auditing in public sector and reflects on the country’s current situation to provide insight on the role accountants can play in this area.

JICPA established the taskforce to consider what measures are needed to improve public sector financial management with a view to strengthen local self-governance and it hopes the report will generate further discussion with members and related parties regarding the issue of performance auditing in public sector.

Related articleMore than 75% of governments still use cash accounting: PwC

Related linkJapanese Institute of Certified Public Accountants

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