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The Chartered Institute of Public Finance and Accountancy, CIPFA, are set to release a balance sheet that will shed light on the position of Northern Ireland’s finances for the first time.
The balance sheet will, for the first time, provide an opportunity to assess the financial position of the state. Understanding its asset base and the full extent of its liabilities and potential usable reserves. It will be launched at the upcoming CIPFA Northern Ireland conference on 8 October 2015 in Templepatrick.
Data was collected by consolidating the most recently available published accounts from Northern Ireland’s public bodies, including central government and local councils.
Head of CIPFA Northern Ireland, Steve Mungavin, said:
“Through releasing a clear picture on where Northern Ireland’s public finances are we strengthen the financial information available to policy makers and managers of public services. Without good information and advice there will be poor decision making leading to poor use of public money, inefficient services and exposure to risk.
“CIPFA would advocate the development and use of projected balance sheets by the devolved administration as an integral part of its fiscal and budgetary framework and, in these financially constrained times, output and outcome based budget approaches to derive improved value for money.
“We believe that financial transparency and accountability are vital to providing good governance and restoring public trust in our local institutions. The balance sheet provides a starting point to open the discussion on rebalancing the relationship between citizen and state and working towards achievement of fiscal sustainability for the devolved administration.”
For more information please visit the Conference's page on CIPFA’s website.
For more information contact the CIPFA press office on T: 020 7543 5600 or email E: firstname.lastname@example.org
The Chartered Institute of Public Finance and Accountancy (CIPFA) is one of the leading professional accountancy bodies in the UK and the only one which specialises in the public services. It is responsible for the education and training of professional accountants and for their regulation through the setting and monitoring of professional standards.
Uniquely among the professional accountancy bodies in the UK, CIPFA has responsibility for setting accounting standards for a significant part of the economy, namely local government. CIPFA’s members work (often at the most senior level) in the public service bodies, in the national audit agencies and major accountancy firms. They are respected throughout for their high technical and ethical standards and professional integrity. CIPFA also provides a range of high quality advisory, information and training and consultancy services to public service organisations. As such, CIPFA is the leading independent commentator on managing and accounting for public money.