The International Public Sector Accounting Standards Board (IPSASB) welcomes the G-20 Finance Ministers’ and Central Bank Governors’ decision to address “transparency and comparability of public sector reporting” in the final communiqué issued for their February 15-16 meeting.
The G-20 Finance Ministers and Central Bank Governors called on the IMF and the World Bank to further explore the issue and provide appropriate updates, declaring that “strengthening the public sector balance sheet is needed to better assess risks to public debt sustainability.”
“We are very encouraged by these developments, as we had anticipated the G-20 under Russia’s leadership would view improved public sector financial management as a priority,” said IPSASB Chair Andreas Bergmann. “The IPSASB looks forward to continuing its constructive dialogue and cooperative efforts with the G20, the IMF, and the World Bank.”
The IPSASB has been setting standards for financial reporting of governments since 2001. Currently, it has published a complete suite of 32 standards for the accrual basis of accounting, as well as one cash basis standard for countries preparing for the move to accruals. Nearly 80 countries and many international governmental organizations, including the United Nations, NATO, OECD, the European Commission, and ASEAN, are currently using or have firm plans to use the standards.
More information can be found in the Feb. 16 news article, “The first G-20 Finance Ministers and Central Banks Governors' Meeting took place in Moscow,” which includes a link to the communiqué.
About the IPSASB
The IPSASB develops accounting standards and guidance for use by public sector entities. The structures and processes that support the operations of the IPSASB are facilitated by IFAC. The IPSASB receives support (both direct financial and in-kind) from the World Bank, the Asian Development Bank, the United Nations, and the governments of Canada, China, New Zealand, and Switzerland.
About IFAC
IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 173 members and associates in 129 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.
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