IFAC: Outgoing CEO calls on Russian Presidency of G20 to advance adoption and implementation of IPSASs

19 February 2013

IFAC's outgoing CEO, Ian Ball, called on Russia to use its G20 Presidency to strengthen global financial stability by supporting adoption and implementation of IPSASs.

In particular, Ball called on the Russian Presidency to:

• create a better understanding of the need to significantly enhance the quality of accounting by governments;
• urge the FSB to adopt IPSASs as one of the core sets of standards; and
• direct the FSB to research the effectiveness of different institutional arrangements for fiscal management and governance.

As early as 2007, IFAC stated that it was "concerned that the standards and regulations governing sovereign issuers are not of sufficient quality to protect investors and ensure the stability of capital markets". Consistent with its past submissions to the G20, IFAC calls for urgent research and action to address this critical, but neglected, component of the international financial system. The G20 should actively encourage the adoption of accrual-based accounting and budgeting by governments and public sector institutions, which will promote greater transparency and accountability in public sector finances and allow for monitoring of government debt and liabilities for their true economic implications.

Press release

© IFAC