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Conference on accrual accounting in public financial management

  • IPSASB (International Public Sector Accounting Standards Board) (mid gray) Image

09 Mar 2017

Representatives of the International Public Sector Accounting Standards Board (IPSASB), the International Monetary Fund (IMF), the World Bank, and the International Federation of Accountants (IFAC) have met at a joint conference in Washington DC on 6 March 2017 to discuss how to maintain progress in the adoption of accruals accounting worldwide.

At the event, delegates took stock of the current landscape in public financial management and emphasised the need to increase both the availability and use of high-quality accrual information to improve public sector transparency and decision-making. They debated with an invited audience how accrual can support strong public financial management and the role of various stakeholders in developing demand for the better information it provides. IPSASB Chair Ian Carruthers stated: “IPSAS – high-quality global accrual-based accounting standards – enable governments to produce high-quality financial information that leads to better decision making and builds accountability and trust with citizens”. However, OECD reserach presented at the conference showed that most stakeholders are still not using governments’ accrual-based financial information in a meaningful way.

The event was also seen as a first step in deciding IPSASB’s strategic direction and projects for the next five years and how it will work with other bodies to strengthen public financial management globally.

A high-level summary of the event is available on the IPSASB website. The OECD study is available here.

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