CIPFA/IFAC launch public sector financial accountability index

The International Federation of Accountants (IFAC) and CIPFA have launched a public sector financial accountability index to provide an overview of public sector financial reporting quality on a global basis

The two professional bodies say the index will provide a picture of the extent of accrual accounting and adoption of international public sector accounting standards (IPSAS). It will also aim to provide a better understanding of accounting and budgeting reform plans.

The main output will be a regularly updated country-by-country public database, which will initially focus on central government, and expand over time to include state/provincial and local government.

The index will initially be populated with research data on individual countries and regions, collected by various international institutions. National standard setters will be invited to review, comment upon, and supplement the information, after which the first set of data will be made available in November 2017.

Rob Whiteman, CIPFA CEO, said: ‘High-quality accrual-based information that captures the entire picture of a government’s finances and its funding commitments, both now and in the future is the foundation for strong public financial management.’

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