Covid-19: IPSASB working with you to maintain strong PFM

The COVID-19 pandemic is presenting unprecedented challenges for us all, from its effects on our everyday lives, to its impacts on the world’s economies.

After we emerge on the other side, one of the legacies of this extraordinary period will undoubtedly be the longer-term financial impacts of the interventions by governments around the world. The unparalleled nature and scale of the fiscal measures being taken in response to COVID-19 reinforce the need for strong Public Financial Management (PFM) to maximize their immediate effectiveness. Strong public accountability for the resources used in fighting the pandemic, through high quality financial reporting, will also be essential to making their overall impact on public sector finances fully transparent.

We at IPSASB are committed to doing our part in supporting a strong global response to the challenges posed by COVID-19. In the short-term, we have marshalled the key financial reporting guidance already available here. Our aim through this is to help you, our stakeholders, understand and report on the economic and financial substance of the COVID-19 related interventions being made by your governments.

We have also transitioned to fully digital platforms for our day-to-day work, and are now working towards our first fully-virtual Board meeting in June. We will continue to monitor developments globally, and will respond to public sector financial reporting needs and priorities as these emerge. Our staff are ready to help with additional guidance wherever possible, and can be contacted at covid19support@ipsasb.org. By working closely together throughout the coming weeks and months, we can all help overcome the challenges to strong PFM thrown up by the pandemic.