Accrual accounting reporting, which means recording the economic substance of transactions when they occur regardless of the occurrence of their respective cash settlement, is fundamental to good decision making, transparency and accountability.
In June 2021, IFAC and CIPFA published the updated International Public Sector Financial Accountability (IPSFA) Index. The main goal of the Index is to collect, verify, and analyze current financial reporting bases and frameworks used by federal and central governments around the world. It also provides an overview of public sector accounting (PSA) and reporting trends.
Analyzing data captured by the Index, this 2021 status report provides an update on the progress made since 2018 in implementing accrual-based reporting. It gives a snapshot of the position in 2020 and looks ahead by using currently available data to forecast the position in 2025 and provide indicative projections of the position in 2030.
The main objectives of this webinar are: (i) present the key findings of the 2021 IPSFA Index status report; (ii) discuss the common challenges and lessons learned associated with the PSA and IPSAS implementation reforms; (iii) discuss the role of the Multilateral Development Agencies.
The Workshop virtually hosted about 70 participants from 20 countries.