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OECD Review of Financial reporting in Ireland - Breda Rafter, Ireland

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This presentation was made by Breda Rafter, Ireland, at the 19th OECD Senior Financial Management and Reporting Officials Symposium held at the OECD Conference Centre, Paris, on 4-5 March 2019

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OECD Review of Financial reporting in Ireland - Breda Rafter, Ireland

  1. 1. Financial Reporting in Ireland Breda Rafter 4-5 March 2019
  2. 2. 2 An Roinn Caiteachais Phoiblí agus Athchóirithe | Department of Public Expenditure and Reform Recommendations / Benefit of Process • Accept key findings and recommendations of OECD report • Report provides additional weight to why we need to change to keep pace with other OECD countries • Consultative process bringing key stakeholders to the table e.g. Supreme Audit Institution, our Comptroller and Auditor General • Recommend SRSP process and OECD to other EU Member States • Key benefits: o Provides access to OECD vast financial reporting expertise and experience o Learning from experiences/lessons learnt from experts and peer countries UK and Portugal
  3. 3. 3 An Roinn Caiteachais Phoiblí agus Athchóirithe | Department of Public Expenditure and Reform Key Challenges • Technology – Roll out of Financial Management Shared Service (FMSS) • Training/recruitment – professionalization of the finance/accounting functions • Stakeholder buy in – Departments, Accounting Officers, C&AG, Parliament, Public Accounts Committee and Central Statistics Office Phased delivery plan – will need to be implemented in stages • Amending legislation • Communicating wider benefits of financial reporting reforms. • Gaining momentum and support across Government Departments and Offices for roll out of reforms. • Risks that reforms limited to technical changes, missing opportunity for wider behavioural change, to focus on VFM and cost management.
  4. 4. 4 An Roinn Caiteachais Phoiblí agus Athchóirithe | Department of Public Expenditure and Reform Next Steps • Ambitious project will be implemented in stages • Phase 1 – Inception and Set up (2019) o Blueprint / White Paper / Conceptual Framework o Governance arrangements o Gaps assessment • Phase 2 – Develop Standards / Pilot testing / Training (2019-2020) • Phase 3 – Implementation – New format for F/S, Assets and liabilities already reported consistent with International Standards IPSASs / IFRSs. (2020-2022)
  5. 5. 5 An Roinn Caiteachais Phoiblí agus Athchóirithe | Department of Public Expenditure and Reform How can we address Key Challenges? • How can we effectively communicate the benefits of accrual accounting? • How can we ensure a cultural change focusing on strategic issues such as better management of State assets, value for money, and sustainable public finances? • How do we overcome the risk that that reforms limited to technical changes, missing opportunity for wider behavioural change in relation to the public finances?

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