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At CIPFA's Annual Conference 2017 in Manchester, 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 (ZHAW) 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 (IPSAS). It will also aim to provide a better understanding of accounting and budgeting reform plans, and help stimulate 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.
Fayezul Choudhury, IFAC Chief Executive Officer, commented:
“The Public Sector Financial Accountability Index will provide better insight into the extent of global public financial reporting reform, and stimulate further reform."
Rob Whiteman, CIPFA CEO, said:
“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.”
“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.”
IFAC is the global organisation for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.