1. Global Financial Management Leaders: Responses to an Economically Challenging WorldJason LevergoodGrant Thornton LLPInternational Consortium on Governmental Financial Management Annual Conference, Miami, FLMay 17, 2011 – Key Biscayne Marriot Hotel
2. Agenda About the 2011 survey Impact of the crisis Investment in infrastructure Increasing transparency 2012 ICGFM survey 2
3. About the ICGFM survey Sponsored by ICGFM, conducted by Grant Thornton Survey methodology Anonymity Purpose: Examine impact and responses to economic upheaval and gain ideas for improving financial management 3
4. Impact of the global financial crisis Impact Stimulus programs 4
21. Conclusions All countries have been affected by the global financial crisis Economic growth, currency values and export revenue More than 60% of our respondents adopted stimulus programs Over half believed stimulus programs to be positive Benchmarks for phasing out economic recovery programs included improvement in economic growth, general employment and limit to debt capacity Increase in spending on infrastructure was given as the number one area of focus for increased investment Education / Transportation / Healthcare Combating the impact of the crisis resulted in an adoption of extraordinary polices More than 75% of all respondents spoke of a new commitment to increased transparency Adoption of new standards included IAS and IPSAS 21
22. 2012 Global Financial Management Leaders Survey Tools of PFM Accountability Importance and barriers Standards Social media Accountability in action media; parliament; public auditors Survey conducted all week Thank you in advance for participation!
24. Contact Jason LevergoodGrant Thornton LLPGlobal Public Sector333 John Carlyle Street, Suite 500Alexandria, VA 22314 P 703.637.3006E Jason.Levergood@gt.com 24
25. Has the global financial crisis had an impact on your country? Yes No Do not know/does not apply
26. Has your country initiated a stimulus program? Yes No Do not know/does not apply
27. Rate the success of your country's stimulus program. Very successful Successful No effect Not successful
28. What are the key indicators that will activate the need to unwind or end your country's stimulus program? GDP Growth Lower unemployment Improved debt capacity Inflation Interest rates Political climate
29. Which areas of Infrastructure present the most critical need for investment? Education Transportation Healthcare Energy/Renewables Information Technology Housing Water Waste treatment Defense Prisons
30. What are your areas of focus to increase outside investment? Improve necessary infrastructure Improve legal system Greater transparency Tax incentives Currency Reforms
31. Has your country used public private partnerships (PPPs) to find sustainable funding for infrastructure investments? Yes No Do not know/does not apply
32. Please rate the success of your country's PPPs. Successful No effect Not very successful
33. Why has your country not used PPPs? Lack of policy and guidance Lack of PPP unit to coordinate efforts on the ground Political circumstances Lack of interest from investors or operators
34. Has your country made or renewed a strong commitment to improve public financial management transparency for your citizens? Yes No Do not know/does not apply
35. Has your country adopted new international standards to improve public financial management governance and transparency? Yes No Do not know/does not apply
36. Which new international standards has your country adopted? International Auditing Standards International Public Sector Accounting Standards Government Financial Standards/Compliant Chart of Accounts
37. Has your country adopted eXtensible Business Reporting Language (XBRL) to enhance transparency and public access to data? Yes No Do not know/does not apply
38. Are there plans to adopt XBRL in the future? Yes No Do not know/does not apply