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International Federation of Accountants International Public Sector Accounting Standards Board Mike Hathorn, IPSASB Chair International Federation of Accountants International Public Sector Accounting Standards Board Mike Hathorn, IPSASB Chair IFAC Council Washington, D. C. November 17, 2009

Standard Setting Accrual Accounting in The Public Sector • Adopted by private sector over Standard Setting Accrual Accounting in The Public Sector • Adopted by private sector over 200 years ago • Adopted by public sector 20 years ago

International Convergence of Public Sector Standards • International and inter-governmental organisations play an increasingly International Convergence of Public Sector Standards • International and inter-governmental organisations play an increasingly key role in a global world • Poor financial management can result in a huge economic cost to both national and world economies • Global economic crisis emphasizes need for transparency • Diversity in current practice an obstacle to transparency

International Public Sector Accounting Standards • Single set of high-quality globally accepted public sector International Public Sector Accounting Standards • Single set of high-quality globally accepted public sector accounting standards – Converge with IFRSs – By December 31, 2009 32 accrual IPSASs; 29 of these substantially converged with IFRS – 3 Public sector specific standards plus cash basis – Conceptual framework – in process

Converge with IFRSs (Private Sector) • Terminology • Public sector guidance • Public sector Converge with IFRSs (Private Sector) • Terminology • Public sector guidance • Public sector issues IPSASs (Public Sector) • Public sector examples

Converge with IFRSs • Target is to have IPSASs approved by December 31, 2009 Converge with IFRSs • Target is to have IPSASs approved by December 31, 2009 for all IFRSs as of December 31, 2008 • Remaining IPSASs to be finalized: – Financial instruments – Intangible assets – Entity combinations – Agriculture – Improvements • Continued liaison with IASB

Adoption of IPSASs • UN System (28 bodies, at latest by 2010), including UN Adoption of IPSASs • UN System (28 bodies, at latest by 2010), including UN World Food Program implemented in 2008 • OECD, NATO (21 bodies), EC, IFAC, INTERPOL • Switzerland, Israel, South Africa, Austria • Over 80 countries have agreed processes or have a project in place to adopt IPSASs or align with IPSASs • Brazil (2012), Russia, India, China have indicated their intention to adopt

International Federation of Accountants www. ifac. org International Federation of Accountants www. ifac. org