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International Federation of Accountants

International Federation of Accountants. International Public Sector Accounting Standards Board (IPSASB) Mike Hathorn, Chair. Does the public sector matter ?. In most countries, the public sector accounts for upwards of 30% of national resource consumption

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International Federation of Accountants

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  1. International Federation of Accountants International Public Sector Accounting Standards Board (IPSASB) Mike Hathorn, Chair

  2. Does the public sector matter? • In most countries, the public sector accounts for upwards of 30% of national resource consumption • Poor financial management can result in a huge economic cost to both national and world economies Washington DC

  3. Global Challenges • Old public sector ways no longer acceptable • Strong financial management - accountability • Need to combat corruption – stewardship • Timely transparent reporting • Convergence required between accountants and statisticians Washington DC

  4. Adopt cash accounting or accrual accounting Improve financial management information Improve use and management of all public sector resources, particularly assets Improve financial reporting and accountability Recognise long term social program liabilities and cash flow demands Implementation Experience Washington DC

  5. UN System (28 bodies) OECD, NATO (21 bodies), EC, IFAC, INTERPOL Almost 70 countries have agreed processes or have a project in place to adopt IPSASs or align with IPSASs Strong Evidence of Progress Washington DC

  6. Conditions for IPSAS Implementation • Acceptance by Government of need for change • Support of effective external audit • Support for independent standards • Trained professionals – accountants, auditors, managers • Political will to be accountable • Support of the accounting profession Washington DC

  7. IPSASB Projects – current and future • Social benefits • Conceptual Framework • Review of cash based standard • Long-term fiscal sustainability • IFRS convergence- intangibles, entity combinations • More… Washington DC

  8. International Federation of Accountants www.ifac.org Washington DC

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