News
New International Public Sector Financial Accountability Index to Stimulate PFM Reform
03-Aug-2017
LONDON - At the Chartered Institute of Public Finance and Accountancy (CIPFA)’s 2017 Conference in Manchester, UK, the International Federation of Accountants (IFAC) and CIPFA announced the launch of the Public Sector Financial Accountability Index.
Developed jointly by IFAC, as part of its Accountability. Now. initiative, and CIPFA, with the Zurich University of Applied Sciences as knowledge partner, the index will be the first of its kind to provide an accurate global picture of public sector financial reporting quality.
In particular, the index will provide a picture of the extent of accrual accounting and adoption of International Public Sector Accounting Standards. It will also aim to provide a better understanding of accounting and budgeting reform plans, and help stimulate public financial management (PFM) reforms.
The main output will be a regularly updated country-by-country public database. It 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.
“The Public Sector Financial Accountability Index will provide better insight into the extent of global public financial reporting reform, and stimulate further reform,” said Fayez Choudhury, IFAC Chief Executive Officer.
“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,” said Rob Whiteman, CIPFA CEO. “It strengthens economies, and, most importantly, builds trust with citizens. CIPFA is proud to be supporting the development of this index, which we believe will be a relevant and timely contribution to global PFM reform.”
https://www.ifac.org/news-events/2017-07/new-international-public-sector-financial-accountability-index-stimulate-pfm