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IFAC Public Sector Review Panel issues final report

  • IFAC (International Federation of Accountants) (lt gray) Image

14 Jul 2004

The IFAC Public Sector Committee (PSC) External Review Panel has considered the PSC's role, governance, and organisation as well as its approach to the translation of PSC pronouncements.

The panel's conclusions and recommendations are outlined in its Final Report (PDF 187k). It is the policy of the PSC to base International Public Sector Accounting Standards on IFRSs "to the extent appropriate". The report also recommends convergence of public and private sector standards as a long-term goal:

In the Panel's view the long-term aspiration of the PSC should be for a convergence of financial reporting standards between the private and public sectors where appropriate. This aspiration should recognise that there are a number of issues specific to the public sector or of particular significance to the public sector. Separate standards or adaptations of private sector standards are likely to be needed for such issues. However, the objective of "convergence when appropriate" will not be achieved in the short-term or even medium-term. In order to ensure that the PSC is positioned to fulfil this aspiration it is important that the component of the work programme addressing harmonisation with IAS/IFRS is maintained and adequately resourced.

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