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 200 years ago • Adopted by public sector 20 years ago
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 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 issues IPSASs (Public Sector) • Public sector examples
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 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
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