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Call for Pakistan Public Sector Accounting Standards Board

By:   |   Jul 08, 2018   |   Views: 5   |   Comments: 0

Introduction

Pakistan Consortium on Governmental Financial Management, The Pakistan Consortium on Governmental Financial Management (the Society) was established on 28 August 1999. It is now an incorporated body with the registered office situated in Islamabad. The sponsors of the Society are ICAP, ICMA and the Auditor-General of Pakistan and the governing body consists of 12 members, four from each sponsoring organization.

Any person who is a member of ICAP, ICMA or any officer of the Auditor-General's Department holding a post of B-17 or above may be admitted by the governing body as a member of the Society.

The main objectives of the Society are as follows:

FINANCIAL MANAGEMENT AND GOVERNANCE ISSUES IN PAKISTAN

  • To promote and establish the Pakistan chapter of the International Consortium of the Governmental Financial Management to promote a better understanding of the professional financial management among public officials, at all levels of budgeting, data processing, debt administration, social safety net administration, tax administration and treasury management
  • To improve public financial management system by encouraging participation and affiliation of individuals and groups concerned with various specialized areas of activity of interest within a broad field of public financial management.
  • To promote exchange of programs, information, documents and ideas relating to public financial management of systems nationally and internationally and develop and disseminate guidelines for professional public financial management.
  • To provide a permanent organizational structure and mechanisms with national and international organizations, institutions and other bodies.
  • To encourage sponsors, conduct or collaborate in appropriate research and publish results thereof, provide a clearing house of information relevant to financial management; undertake consultancy work both nationally and internationally and establish liaison with those organizations which are capable of promoting the objectives of the society.
  • To promote understanding of public financial management as a basic responsibility of all public officials at all levels and providing a forum for discussion of common public financial management problems.
  • To collaborate in the development of programs nationally and internationally involving sophisticated technologies, ensure professional quality and uniform criteria and provide quality control.
  • To accept grants of money, sponsorships, donations, fees, securities or property of any kind, on such terms as deemed fit by the governing body.
  • To provide help and assistance to Standing Committees of Senate, National Assembly and other committees whenever required.
  • To organize training courses, seminars, workshops, technical meetings and other professional development events directed towards improving public financial management.

ACCOUNTING AND AUDITING STANDARDS

  • To develop uniform, financial reporting formats, which ensure greater transparency, permit comparability and increase utilization of financial management information.
  • To develop a code of ethics for establishing and maintaining high standards of integrity, honesty, morality, ethics and character among financial managers and staff members.
  • To emphasize importance of professional management of scarce public financial resources and increase economy, efficiency and effectiveness of public sector activities, projects and programs.
  • To send experts and representatives to other countries and invite representatives and experts of foreign countries, bodies, societies, institutions etc., having the same aims as the Society to attend conferences (local or international), meetings and functions to deliver lectures, etc.
  • To make arrangements and take all necessary steps including entering into agreements with the governmental, national, provincial, local or municipal, or foreign institutions or individuals or other authorities at any place in which the Society may have interests and to carry on any negotiations or operations for the purpose of directly or indirectly promoting the purposes of the Society.
  • The Society is in the establishment stage and Pakistan Audit Department is currently being used as the Registered Office and Secretariat. Arrangements are currently being made to hold an international seminar on one of the following topics:
    • Asset management and asset accounting in the Public Sector.
    • Towards a more efficient regulatory mechanism for the industrial sector.
    • Managing the transition towards a market economy.

 

 

 

BRIEF ABOUT INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS

 

Objective

IPSAS aims to improve the quality of general purpose financial reporting by public sector entities, leading to better informed assessments of the resource allocation decisions made by governments, thereby increasing transparency and accountability.

Scope

IPSAS are accounting standards for application by national governments, regional (e.g., state, provincial, territorial) governments, local (e.g., city, town) governments and related governmental entities (e.g., agencies, boards and commissions). IPSAS standards are widely used by intergovernmental organizations. IPSAS do not apply to government business enterprises.

Due process

IPSAS are issued by IPSASB (International Public Sector Accounting Standards Board), an independent organ of IFAC (International Federation of Accountants). The IPSASB adopts a due process for the development of IPSAS that provides the opportunity for comment by interested parties including auditors, preparers (including finance ministries), standard setters, and individuals. IPSASB meetings to discuss the development and to approve the issuance of IPSAS or other papers are open to the public. Agenda papers, including the minutes of the meetings of the IPSASB, are published on the IPSASB's website: www.ipsasb.org. Observers on the IPSASB meetings include ADB, EU, IASB, IMF, INTOSAI, OECD, World Bank, UN and UNDP.

Convergence of IPSAS with IFRS

IPSAS are based on the International Financial Reporting Standards International Financial Reporting Standards (IFRS), formerly known as IAS. IFRS are issued by the International Accounting Standards Board (IASB). IPSASB adapts IFRS to a public sector context when appropriate. In undertaking that process, the IPSASB attempts, wherever possible, to maintain the accounting treatment and original text of the IFRS unless there is a significant public sector issue which warrants a departure.

Language of IPSAS

The approved text of IPSAS standards is that published by the IPSASB in the English language. The IPSASB Handbook has been translated from English into a number of languages, including French, Spanish, German, Russian and Chinese. The Arab Society of Certified Accountants (ASCA) of Jordan issued an Arabic version of the IPSASB Handbook. In addition, Brazil is working on translation of IPSAS into Portuguese.

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