In the current “global revolution in government accounting,” International Public-Sector Accounting Standards (IPSAS) are proposed for adoption by governments around the world. After describing the nature of IPSAS, the paper discusses conceptual issues concerning system capability and internal accountability, conceptual framework, emulation of business standards, accrual basis of accounting and consolidated financial statements. The institutional issues regarding the representation on the IPSAS board and the sole oversight by the International Federation of Accountants (IFAC) are also analyzes. Setting standards is a first step on the long road of fundamentally reforming government accounting practices around the world.
The document provides an overview of DuPont, including its strategy, financial performance, and corporate governance. Some key points:
1) DuPont has executed a strategy focused on higher growth opportunities in agriculture, bio-based industrials and advanced materials, delivering 266% total shareholder return under current management.
2) Ongoing businesses have achieved 6% annual sales growth and a 740 basis point increase in margins from 2008-2014, driving 19% annual EPS growth.
3) The company has returned $14 billion to shareholders through dividends and share repurchases in recent years.
Corporate social responsibility (CSR) is an increasingly important topic for businesses. CSR goes beyond just philanthropy and charity to include how a company behaves ethically and contributes to economic development while improving lives. An effective CSR strategy considers all stakeholders and pursues long-term sustainability over just short-term profits. Reliance Industries Limited (RIL) is committed to CSR through various initiatives focused on health, safety, environment, education, community development, and heritage/sports promotion. RIL manages CSR programs across its divisions to benefit employees and local communities.
Business Responsibility and Sustainability .pdfaakash malhotra
Read Deloitte India’s Business Responsibility and Sustainability Report and what it means for the top 1,000 listed entities in India. The Securities and Exchange Board of India (SEBI) introduced new requirements for sustainability reporting by listed companies. It aims to establish links between the financial results of a business with its ESG performance.
This Sustainability Reporting Checklist, prepared by Joss Tantram, Terrafiniti is an introduction to sustainability reporting and covers topics such as materiality, reporting standards, stakeholder engagement and communicating to investors.
Contents
I. ESG Introduction
ESG Management Matters?
ESG Investment Matters?
ESG Management Status
ESG Investment Status
ESG Investing Consideration Core Factors
ESG Reporting Frameworks & Guidelines
ESG Reporting Trends to Watch in 2021
ESG in S. Korea
My ESG Book Recommendation
II. AI & Blockchain Applications for ESG
AI Applications for ESG Investing Demos
ESG Knowledge Map (AI Topic Modeling)
ESG Performance Score - Materiality Comparisons Across Industries
ESG Incident (Risks) Analysis in S. Korea
Blockchain for ESG Management
Blockchain DeFi Based ESG Financing
DeFi Based ESG Financing Platform Development
DeFi Reference
III. ESG Digital Transformation
ESG Digital Transformation (DX)
The Fourth Wave of Environmentalism
AI Innovation State Of The Art
Blockchain State Of The Art: Issues with Public Chain
IoT Innovation State Of The Art: 5G & Edge AI
AI Blockchain IoT for ESG Digital Transformation AT A Glance
ESG DX Innovation Insights from Patents
AI Blockchain IoT Convergence for ESG DX Insights from Patents
ESG Cybersecurity & Privacy
ESG Cybersecurity & Privacy Reporting Standard
Global Standard for Reporting Cybersecurity & Privacy
Cybersecurity & Privacy Reporting Standard Development
ESG DX Framework Development
Issues with Current ESG Performance Evaluation
ESG DX for ESG Management & Investment
WEF/IBC Metrics & Disclosure Standard
SASB Materiality Map
How to Determine Materiality?
ESG DX Framework for Metrics Digitalization & Reporting Automation Exploiting Existing IT/Digital Technology System
ESG DX Framework for ESG Metrics Data Governance
ESG DX Framework for Business Innovation & Growth
ESG DX Framework based on AI+Blockchain+IoT Convergence
ESG DX Framework for New Deal Project in S. Korea
ESG DX Forum
Asia Cloud Computing Association's Financial Services in the Cloud Report 202...accacloud
The Financial Services on the Cloud Report 2021, this time focused and translated specially for the Japanese market. For more information, do contact us at secretariat@asiacloudcomputing.org
This document outlines the methodology used for the Dow Jones Sustainability Indices (DJSI). It describes the index family structure, eligibility criteria, sustainability scoring process, index construction methodology, and maintenance procedures. Key aspects include using a best-in-class approach to select the most sustainable companies in each industry, based on annual sustainability scores from the Corporate Sustainability Assessment. The indices aim to track leading sustainability performers while maintaining industry diversification.
The document provides an overview of DuPont, including its strategy, financial performance, and corporate governance. Some key points:
1) DuPont has executed a strategy focused on higher growth opportunities in agriculture, bio-based industrials and advanced materials, delivering 266% total shareholder return under current management.
2) Ongoing businesses have achieved 6% annual sales growth and a 740 basis point increase in margins from 2008-2014, driving 19% annual EPS growth.
3) The company has returned $14 billion to shareholders through dividends and share repurchases in recent years.
Corporate social responsibility (CSR) is an increasingly important topic for businesses. CSR goes beyond just philanthropy and charity to include how a company behaves ethically and contributes to economic development while improving lives. An effective CSR strategy considers all stakeholders and pursues long-term sustainability over just short-term profits. Reliance Industries Limited (RIL) is committed to CSR through various initiatives focused on health, safety, environment, education, community development, and heritage/sports promotion. RIL manages CSR programs across its divisions to benefit employees and local communities.
Business Responsibility and Sustainability .pdfaakash malhotra
Read Deloitte India’s Business Responsibility and Sustainability Report and what it means for the top 1,000 listed entities in India. The Securities and Exchange Board of India (SEBI) introduced new requirements for sustainability reporting by listed companies. It aims to establish links between the financial results of a business with its ESG performance.
This Sustainability Reporting Checklist, prepared by Joss Tantram, Terrafiniti is an introduction to sustainability reporting and covers topics such as materiality, reporting standards, stakeholder engagement and communicating to investors.
Contents
I. ESG Introduction
ESG Management Matters?
ESG Investment Matters?
ESG Management Status
ESG Investment Status
ESG Investing Consideration Core Factors
ESG Reporting Frameworks & Guidelines
ESG Reporting Trends to Watch in 2021
ESG in S. Korea
My ESG Book Recommendation
II. AI & Blockchain Applications for ESG
AI Applications for ESG Investing Demos
ESG Knowledge Map (AI Topic Modeling)
ESG Performance Score - Materiality Comparisons Across Industries
ESG Incident (Risks) Analysis in S. Korea
Blockchain for ESG Management
Blockchain DeFi Based ESG Financing
DeFi Based ESG Financing Platform Development
DeFi Reference
III. ESG Digital Transformation
ESG Digital Transformation (DX)
The Fourth Wave of Environmentalism
AI Innovation State Of The Art
Blockchain State Of The Art: Issues with Public Chain
IoT Innovation State Of The Art: 5G & Edge AI
AI Blockchain IoT for ESG Digital Transformation AT A Glance
ESG DX Innovation Insights from Patents
AI Blockchain IoT Convergence for ESG DX Insights from Patents
ESG Cybersecurity & Privacy
ESG Cybersecurity & Privacy Reporting Standard
Global Standard for Reporting Cybersecurity & Privacy
Cybersecurity & Privacy Reporting Standard Development
ESG DX Framework Development
Issues with Current ESG Performance Evaluation
ESG DX for ESG Management & Investment
WEF/IBC Metrics & Disclosure Standard
SASB Materiality Map
How to Determine Materiality?
ESG DX Framework for Metrics Digitalization & Reporting Automation Exploiting Existing IT/Digital Technology System
ESG DX Framework for ESG Metrics Data Governance
ESG DX Framework for Business Innovation & Growth
ESG DX Framework based on AI+Blockchain+IoT Convergence
ESG DX Framework for New Deal Project in S. Korea
ESG DX Forum
Asia Cloud Computing Association's Financial Services in the Cloud Report 202...accacloud
The Financial Services on the Cloud Report 2021, this time focused and translated specially for the Japanese market. For more information, do contact us at secretariat@asiacloudcomputing.org
This document outlines the methodology used for the Dow Jones Sustainability Indices (DJSI). It describes the index family structure, eligibility criteria, sustainability scoring process, index construction methodology, and maintenance procedures. Key aspects include using a best-in-class approach to select the most sustainable companies in each industry, based on annual sustainability scores from the Corporate Sustainability Assessment. The indices aim to track leading sustainability performers while maintaining industry diversification.
Corporate social responsibility: How economic is it to be socially responsible??kirmanialika
This document discusses corporate social responsibility (CSR). It defines CSR as companies managing business processes to have an overall positive social impact, and embracing responsibility for actions to encourage positive environmental, consumer, employee, community, and stakeholder impacts. CSR involves balancing economic, legal, ethical, and philanthropic responsibilities. The document outlines the historical development of CSR and key CSR issues. It discusses arguments for and against CSR, and provides an example of CSR practices at ITC Limited in India. In conclusion, it argues that while CSR limits profits, businesses impact many people and have a social responsibility to consider people and the planet, not just profits.
ESG reporting is a framework for companies to assess and manage environmental, social, and governance risks and opportunities. It helps companies create long-term value by integrating these issues into risk management and business operations. Environmental criteria analyze a company's environmental impacts, social criteria evaluate stakeholder relationships and value creation, and governance criteria cover leadership, policies, and shareholder rights. Most large companies now publish ESG reports, with 80% of global companies and 100% of large Japanese and Mexican companies reporting on sustainability. ESG reporting is becoming a standard practice to manage risks, identify opportunities, and build organizational resilience and reputation.
ESG and sustainability investing has become a major trend in the financial industry. Over $35 trillion is now invested according to sustainable investing strategies, representing one third of total assets under management globally. Major asset managers like BlackRock and banks like Nordea are increasingly integrating ESG factors into their investment decisions and excluding companies deemed unsustainable. Regulators are also supporting this shift through new rules requiring companies to report on their sustainability impacts and human rights due diligence practices.
Pooja Yadav gave a presentation on industrial policy for her 7th semester BBA class. The presentation outlined challenges facing industry such as political instability, industrial insecurity, and unfavorable labor relations. It presented a vision for sustainable industrial development and national economic growth through public and private partnerships. The objectives were to increase exports, employment, productivity and quality while developing industries nationwide. The policies promoted new technologies, labor law compliance, export incentives, local resource utilization, green industries, and skills training to strengthen industry.
The 2020 OECD Investment Policy Review of Indonesia presents an assessment of the investment climate in Indonesia and provides recommendations to support the government in its ongoing reform efforts. The Review places great emphasis on measures to build a sound, transparent and responsible investment environment to support a resilient economic recovery from the COVID-19 pandemic. Find out more at http://www.oecd.org/investment/oecd-investment-policy-reviews-indonesia-2020-b56512da-en.htm
This document summarizes developments in sovereign green bond markets. It discusses approaches to incorporating environmental, social, and governance (ESG) factors into public debt management. Sovereign green bond issuance has grown significantly in both advanced and emerging economies since 2016. Green bonds make up the largest share of the labeled bond market. Major benefits of sovereign green bonds include their positive impact on creditworthiness and alignment with ESG policies. However, issuers also face challenges such as additional costs and complexity of the issuance process. Common leading practices emphasize transparency, collaboration, and commitment to reporting.
This document discusses various topics related to sustainability reporting and integrated reporting. It begins with definitions of sustainable development, accounting and disclosure, corporate social responsibility, and corporate sustainability reporting. It then explains integrated reporting and the Integrated Reporting Framework developed by the International Integrated Reporting Council. The document notes debates around sustainability reporting versus integrated reporting and calls for organizations to pursue further knowledge and propose new perspectives to advance reporting and sustainability.
Present Scenario of Corporate Social Responsibilities in BangladeshMasum Hussain
The purpose of business is to make money. However, the profit motive is sometimes viewed as less than virtuous because it emphasizes self-interest. Nevertheless, self-interest is not the same as selfishness, which emphasizes one's own interests at others' expense. Self interest is simply a concern for financial reward and is arguably necessary if society is to be maximally productive and efficiently allocate its resources. Business is an inseparable and embedded part of the society. In addition to its economic role in society, business also has several other roles and responsibilities towards society viz. responsible conduct of business activities while pursuing economic gains; the social and environmental responsibilities of the business towards its stakeholders; and business’s contributions that would benefit the society at large. Companies around the globe are recognizing the importance of engaging in Corporate Social Responsibility (CSR) that is crucial to their survival and growth. It is evident that when an organization integrates appropriate CSR practices in its strategy that embed the societal and environmental concerns, these practices undoubtedly bring tangible benefits to the business along with a sustainable competitive advantage.
It is mandatory for companies to conform to the legal responsibilities as they are prescribed by law. So, organizations have no alternative but to comply with the basic law of the land. On the other hand, Ethical responsibilities of corporations are taken as additional responsibilities going beyond legal compliance and profit making and include those that firms believe are the right things to do. Ethical responsibility originates from humanistic, religious and moral orientation of corporations. The voluntary responsibilities to the society refer to the discretionary nature of obligations rooted in the altruistic principles which are not required by law. The motivation for such sense of responsibilities arises from the reciprocal obligation of giving back to the society in exchange of profit and power that companies receive from society. This school of thought gave rise to CSR which is seen as continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce, their families, local community, and society at all, including the environment. Even though Bangladesh is one of the world’s poorest countries, CSR activities in Bangladesh have risen significantly in importance. It is believed that the interest in CSR initiatives in Bangladesh has been fueled by MNCs’ global activities.
This document discusses the growing importance of sustainability for businesses and the role that CFOs and finance professionals can play in leading sustainability efforts. It outlines key aspects of sustainability including the environmental, social and economic impacts of business activities. The document argues that embracing sustainability can help businesses enhance competitiveness, strengthen financial performance, attract talent and gain competitive advantages. It provides an overview of sustainability reporting frameworks and standards that can help companies integrate sustainability into strategic planning and decision-making.
This document discusses a comparative study between traditional and ESG (environmental, social, and governance) dimensions for portfolio construction. It provides background on portfolios and the efficient market hypothesis. It then defines ESG factors and discusses evidence that integrating ESG into analysis and construction may offer long-term performance advantages. The document outlines how ESG scores were calculated for various Indian companies and how their stock performance correlated with these scores over two years. Integrating ESG scores resulted in higher expected returns and lower risk compared to traditional portfolio construction methods. However, more standardized ESG data and analysis is still needed in India.
Resetting Destination for Energy Decarbonization | Accentureaccenture
The transition to a decarbonized energy system is a transition like no other. Oil and gas companies are poised to lead the charge. Along the way, however, they must change what they do and how they do it. Here’s why https://accntu.re/34sLSGW
This document provides an overview and summary of International Public Sector Accounting Standards (IPSAS). It discusses why governments adopt IPSAS, the background and governance of the IPSAS Board, how IPSAS are used around the world, and cash-basis IPSAS. It also lists the current IPSAS standards and guidelines and notes they are based on International Financial Reporting Standards (IFRS) or address public sector-specific financial reporting issues.
CHAPTER 1: IAS, IAS STANDARD, IAS ADAPTION, CONCEPTUAL FRAMEWORK AND CHAPTER ...Anamika Hore
This assignment is of 2 chapters. They are: CHAPTER 1: IAS, IAS STANDARD, IAS ADAPTION, CONCEPTUAL FRAMEWORK AND
CHAPTER 2: CURRENT LIABILITY, PROVISIONS
Financial statement discussion and analysis 0Neeraj Saini
The document provides guidance on preparing a financial statement discussion and analysis (FSD&A) according to the Exposure Draft 47 of the International Public Sector Accounting Standards Board (IPSASB). Key requirements include preparing a FSD&A when financial statements are issued, identifying it clearly from the financial statements, and including at a minimum an overview of the entity, its objectives and strategies, an analysis of the financial statements, and information on risks and uncertainties. The ED also provides guidance on the structure, content, and qualitative characteristics of a compliant FSD&A.
This document provides a summary of Exposure Draft 47 from the International Public Sector Accounting Standards Board (IPSASB) which proposes a new International Public Sector Accounting Standard (IPSAS) on Financial Statement Discussion and Analysis. The proposed standard would require public sector entities that prepare financial statements in accordance with IPSAS to also prepare a financial statement discussion and analysis. It defines the objective and scope of financial statement discussion and analysis and sets out minimum requirements for its content and structure to assist users in understanding the entity's financial statements. The IPSASB is seeking public comments on the exposure draft by July 31, 2012.
Difference Between The Convergence Of Gaap With IFRSNicole Savoie
The document discusses the relationship between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB). The IASB was formed in 1973 to develop international financial reporting standards (IFRS) and promote their global acceptance. The IASB works to improve and harmonize accounting standards globally. While the IASB has no direct authority over the FASB, the two boards work together cooperatively on convergence projects to reduce differences between IFRS and US GAAP. Adopting a single set of high-quality global standards would benefit stakeholders, though the US is cautious about full adoption of IFRS.
We welcome the decision by the International Public Sector Accounting Standards Board (IPSASB) to review the Cash Basis IPSAS, but we are reminded of the story of the pedestrian who was asked by a motorist for directions, and replied, “If I was you I wouldn’t start from here...”.
This document provides an overview of topics, questions, and cases related to accounting standards and financial reporting. It includes:
1. An assignment classification table that matches topics in the chapter to related questions and cases.
2. An assignment characteristics table that describes different accounting cases, their level of difficulty, and estimated time to complete.
3. The answers to several questions about the objectives of financial reporting, the role of standards-setting bodies like the FASB and SEC, and the process for developing accounting standards.
This document provides an overview of the Deepening Accountancy, Business and Management course. It covers key concepts in accounting including definitions, the accounting process, branches of accounting, and the history of accounting. The main branches discussed are financial accounting, management accounting, government accounting, and auditing. Financial accounting focuses on recording and reporting financial transactions for external users, while management accounting prepares internal reports to assist managers in decision making. Government accounting shows stewardship of public resources. Auditing involves examining financial statements to evaluate if they are presented truthfully.
Go global with the knowledge of IPSAS the internationally accepted accounting...CA. (Dr.) Rajkumar Adukia
In sum, the article explains that the knowledge of the IPSASs is going to be a great opportunity for accounting professionals worldwide. So it is time to gear up and acquire knowledge in this relatively new domain.
Corporate social responsibility: How economic is it to be socially responsible??kirmanialika
This document discusses corporate social responsibility (CSR). It defines CSR as companies managing business processes to have an overall positive social impact, and embracing responsibility for actions to encourage positive environmental, consumer, employee, community, and stakeholder impacts. CSR involves balancing economic, legal, ethical, and philanthropic responsibilities. The document outlines the historical development of CSR and key CSR issues. It discusses arguments for and against CSR, and provides an example of CSR practices at ITC Limited in India. In conclusion, it argues that while CSR limits profits, businesses impact many people and have a social responsibility to consider people and the planet, not just profits.
ESG reporting is a framework for companies to assess and manage environmental, social, and governance risks and opportunities. It helps companies create long-term value by integrating these issues into risk management and business operations. Environmental criteria analyze a company's environmental impacts, social criteria evaluate stakeholder relationships and value creation, and governance criteria cover leadership, policies, and shareholder rights. Most large companies now publish ESG reports, with 80% of global companies and 100% of large Japanese and Mexican companies reporting on sustainability. ESG reporting is becoming a standard practice to manage risks, identify opportunities, and build organizational resilience and reputation.
ESG and sustainability investing has become a major trend in the financial industry. Over $35 trillion is now invested according to sustainable investing strategies, representing one third of total assets under management globally. Major asset managers like BlackRock and banks like Nordea are increasingly integrating ESG factors into their investment decisions and excluding companies deemed unsustainable. Regulators are also supporting this shift through new rules requiring companies to report on their sustainability impacts and human rights due diligence practices.
Pooja Yadav gave a presentation on industrial policy for her 7th semester BBA class. The presentation outlined challenges facing industry such as political instability, industrial insecurity, and unfavorable labor relations. It presented a vision for sustainable industrial development and national economic growth through public and private partnerships. The objectives were to increase exports, employment, productivity and quality while developing industries nationwide. The policies promoted new technologies, labor law compliance, export incentives, local resource utilization, green industries, and skills training to strengthen industry.
The 2020 OECD Investment Policy Review of Indonesia presents an assessment of the investment climate in Indonesia and provides recommendations to support the government in its ongoing reform efforts. The Review places great emphasis on measures to build a sound, transparent and responsible investment environment to support a resilient economic recovery from the COVID-19 pandemic. Find out more at http://www.oecd.org/investment/oecd-investment-policy-reviews-indonesia-2020-b56512da-en.htm
This document summarizes developments in sovereign green bond markets. It discusses approaches to incorporating environmental, social, and governance (ESG) factors into public debt management. Sovereign green bond issuance has grown significantly in both advanced and emerging economies since 2016. Green bonds make up the largest share of the labeled bond market. Major benefits of sovereign green bonds include their positive impact on creditworthiness and alignment with ESG policies. However, issuers also face challenges such as additional costs and complexity of the issuance process. Common leading practices emphasize transparency, collaboration, and commitment to reporting.
This document discusses various topics related to sustainability reporting and integrated reporting. It begins with definitions of sustainable development, accounting and disclosure, corporate social responsibility, and corporate sustainability reporting. It then explains integrated reporting and the Integrated Reporting Framework developed by the International Integrated Reporting Council. The document notes debates around sustainability reporting versus integrated reporting and calls for organizations to pursue further knowledge and propose new perspectives to advance reporting and sustainability.
Present Scenario of Corporate Social Responsibilities in BangladeshMasum Hussain
The purpose of business is to make money. However, the profit motive is sometimes viewed as less than virtuous because it emphasizes self-interest. Nevertheless, self-interest is not the same as selfishness, which emphasizes one's own interests at others' expense. Self interest is simply a concern for financial reward and is arguably necessary if society is to be maximally productive and efficiently allocate its resources. Business is an inseparable and embedded part of the society. In addition to its economic role in society, business also has several other roles and responsibilities towards society viz. responsible conduct of business activities while pursuing economic gains; the social and environmental responsibilities of the business towards its stakeholders; and business’s contributions that would benefit the society at large. Companies around the globe are recognizing the importance of engaging in Corporate Social Responsibility (CSR) that is crucial to their survival and growth. It is evident that when an organization integrates appropriate CSR practices in its strategy that embed the societal and environmental concerns, these practices undoubtedly bring tangible benefits to the business along with a sustainable competitive advantage.
It is mandatory for companies to conform to the legal responsibilities as they are prescribed by law. So, organizations have no alternative but to comply with the basic law of the land. On the other hand, Ethical responsibilities of corporations are taken as additional responsibilities going beyond legal compliance and profit making and include those that firms believe are the right things to do. Ethical responsibility originates from humanistic, religious and moral orientation of corporations. The voluntary responsibilities to the society refer to the discretionary nature of obligations rooted in the altruistic principles which are not required by law. The motivation for such sense of responsibilities arises from the reciprocal obligation of giving back to the society in exchange of profit and power that companies receive from society. This school of thought gave rise to CSR which is seen as continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce, their families, local community, and society at all, including the environment. Even though Bangladesh is one of the world’s poorest countries, CSR activities in Bangladesh have risen significantly in importance. It is believed that the interest in CSR initiatives in Bangladesh has been fueled by MNCs’ global activities.
This document discusses the growing importance of sustainability for businesses and the role that CFOs and finance professionals can play in leading sustainability efforts. It outlines key aspects of sustainability including the environmental, social and economic impacts of business activities. The document argues that embracing sustainability can help businesses enhance competitiveness, strengthen financial performance, attract talent and gain competitive advantages. It provides an overview of sustainability reporting frameworks and standards that can help companies integrate sustainability into strategic planning and decision-making.
This document discusses a comparative study between traditional and ESG (environmental, social, and governance) dimensions for portfolio construction. It provides background on portfolios and the efficient market hypothesis. It then defines ESG factors and discusses evidence that integrating ESG into analysis and construction may offer long-term performance advantages. The document outlines how ESG scores were calculated for various Indian companies and how their stock performance correlated with these scores over two years. Integrating ESG scores resulted in higher expected returns and lower risk compared to traditional portfolio construction methods. However, more standardized ESG data and analysis is still needed in India.
Resetting Destination for Energy Decarbonization | Accentureaccenture
The transition to a decarbonized energy system is a transition like no other. Oil and gas companies are poised to lead the charge. Along the way, however, they must change what they do and how they do it. Here’s why https://accntu.re/34sLSGW
This document provides an overview and summary of International Public Sector Accounting Standards (IPSAS). It discusses why governments adopt IPSAS, the background and governance of the IPSAS Board, how IPSAS are used around the world, and cash-basis IPSAS. It also lists the current IPSAS standards and guidelines and notes they are based on International Financial Reporting Standards (IFRS) or address public sector-specific financial reporting issues.
CHAPTER 1: IAS, IAS STANDARD, IAS ADAPTION, CONCEPTUAL FRAMEWORK AND CHAPTER ...Anamika Hore
This assignment is of 2 chapters. They are: CHAPTER 1: IAS, IAS STANDARD, IAS ADAPTION, CONCEPTUAL FRAMEWORK AND
CHAPTER 2: CURRENT LIABILITY, PROVISIONS
Financial statement discussion and analysis 0Neeraj Saini
The document provides guidance on preparing a financial statement discussion and analysis (FSD&A) according to the Exposure Draft 47 of the International Public Sector Accounting Standards Board (IPSASB). Key requirements include preparing a FSD&A when financial statements are issued, identifying it clearly from the financial statements, and including at a minimum an overview of the entity, its objectives and strategies, an analysis of the financial statements, and information on risks and uncertainties. The ED also provides guidance on the structure, content, and qualitative characteristics of a compliant FSD&A.
This document provides a summary of Exposure Draft 47 from the International Public Sector Accounting Standards Board (IPSASB) which proposes a new International Public Sector Accounting Standard (IPSAS) on Financial Statement Discussion and Analysis. The proposed standard would require public sector entities that prepare financial statements in accordance with IPSAS to also prepare a financial statement discussion and analysis. It defines the objective and scope of financial statement discussion and analysis and sets out minimum requirements for its content and structure to assist users in understanding the entity's financial statements. The IPSASB is seeking public comments on the exposure draft by July 31, 2012.
Difference Between The Convergence Of Gaap With IFRSNicole Savoie
The document discusses the relationship between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB). The IASB was formed in 1973 to develop international financial reporting standards (IFRS) and promote their global acceptance. The IASB works to improve and harmonize accounting standards globally. While the IASB has no direct authority over the FASB, the two boards work together cooperatively on convergence projects to reduce differences between IFRS and US GAAP. Adopting a single set of high-quality global standards would benefit stakeholders, though the US is cautious about full adoption of IFRS.
We welcome the decision by the International Public Sector Accounting Standards Board (IPSASB) to review the Cash Basis IPSAS, but we are reminded of the story of the pedestrian who was asked by a motorist for directions, and replied, “If I was you I wouldn’t start from here...”.
This document provides an overview of topics, questions, and cases related to accounting standards and financial reporting. It includes:
1. An assignment classification table that matches topics in the chapter to related questions and cases.
2. An assignment characteristics table that describes different accounting cases, their level of difficulty, and estimated time to complete.
3. The answers to several questions about the objectives of financial reporting, the role of standards-setting bodies like the FASB and SEC, and the process for developing accounting standards.
This document provides an overview of the Deepening Accountancy, Business and Management course. It covers key concepts in accounting including definitions, the accounting process, branches of accounting, and the history of accounting. The main branches discussed are financial accounting, management accounting, government accounting, and auditing. Financial accounting focuses on recording and reporting financial transactions for external users, while management accounting prepares internal reports to assist managers in decision making. Government accounting shows stewardship of public resources. Auditing involves examining financial statements to evaluate if they are presented truthfully.
Go global with the knowledge of IPSAS the internationally accepted accounting...CA. (Dr.) Rajkumar Adukia
In sum, the article explains that the knowledge of the IPSASs is going to be a great opportunity for accounting professionals worldwide. So it is time to gear up and acquire knowledge in this relatively new domain.
The International Accounting Standards Board (IASB) develops International Financial Reporting Standards through a rigorous due process. The document outlines the history and role of the IASB, the steps in the standards development process, and provides examples of recently issued standards. It explains that the IASB considers comments and feedback received during exposure periods before finalizing and issuing new standards. The goal is to establish a single set of high-quality, globally accepted accounting standards to benefit financial statement users.
This document provides guidance on when and how to prepare consolidated financial statements for an economic entity under control of a controlling entity. Key points include:
- A controlling entity must present consolidated financial statements including all controlled entities.
- Control is defined as having power over an entity and exposure or rights to variable benefits from its involvement. Control is established through assessing power over and benefits from an entity.
- Consolidated financial statements are prepared using uniform accounting policies and by eliminating intragroup balances and transactions. Controlled entities are fully consolidated from the date control commences until it ceases.
- Exceptions are provided for investment entities which do not consolidate particular controlled entities and instead measure them at fair value through surplus or
The document provides an overview of the US Financial Reporting Taxonomy Framework (USFRTF) from an accountant's perspective. It explains that the USFRTF is a collection of taxonomies that expresses financial reporting concepts in accordance with US GAAP for public companies. While not definitive, the USFRTF provides a standardized way to tag financial information using XBRL. It aims to reflect common reporting practices but allows for flexibility, as companies can modify it or create extension taxonomies. The USFRTF was created through consensus among accounting firms and is intended as a starting point, not a replacement, for existing financial reporting guidance and tools.
This document provides an overview of chapter 1 of an accounting textbook, including a table of topics covered in the chapter and case/question assignments. It also includes sample solutions to codification exercises and answers to questions about the development of accounting standards and standard-setting bodies in the United States.
This document provides an overview of accounting and financial reporting best practices and strategies. It discusses key concepts such as the objectives of financial reporting, the types of financial statements (income statement, balance sheet, cash flow statement), and accounting standards boards like the International Accounting Standards Board and Financial Accounting Standards Board. It also summarizes the phases of the IASB and FASB financial reporting project and provides an overview of International Financial Reporting Standards.
The document discusses International Financial Reporting Standards (IFRS) related to financial instruments and leases. It covers the initial recognition, subsequent measurement, and impairment of financial instruments, as well as the required disclosures. It also differentiates between operating leases and finance leases in accounting for leases. The regulatory framework for financial reporting set by the International Accounting Standards Board (IASB) and key concepts such as the elements of financial statements are explained at a high level.
BASEL III AND IFRS 9_ THEIR INTERSECTION AND IMPLEMENTATION CHALLENGES ON BAN...Stuart Croll
The document discusses the intersection and implementation challenges of Basel III and IFRS 9 for banks in South Africa. It notes that both regulations were introduced in response to the 2007-2009 financial crisis to strengthen the financial system. Basel III aims to improve capital adequacy, while IFRS 9 seeks to revamp impairment methodology and accounting practices. The research investigates how the two regulations relate and interact, as they concurrently impact banks. It finds that IFRS 9's more stringent impairment requirements decrease net income and retained earnings, compounding the need for additional capital to meet Basel III standards. This leaves banks needing to balance increasing provisions and retaining earnings in the transition period. Overall, the regulations are intended to decrease bank fragility through
Application of Indian AS 1, AS 2, AS 3 at Rittal India Pvt. Ltd., an Galoreijtsrd
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2. 2
Table of Contents
Executive Summary........................................................................................................3
Introduction.....................................................................................................................4
The Nature Of Ipsas ........................................................................................................5
Ipsas ................................................................................................................................ 5
General Characteristics ...................................................................................................5
Scope............................................................................................................................... 6
Premises .......................................................................................................................... 6
Structure.......................................................................................................................... 6
Standards Specific To The Public Sector........................................................................8
Conceptual Issues............................................................................................................8
System Capability And Internal Accountability............................................................. 8
Conceptual Framework...................................................................................................9
Exhibit 2. Government And Stakeholders ................................................................ 10
Emulation Of Business Accounting..............................................................................10
Cash Vs. Accrual Measurement.................................................................................... 11
Exhibit 4. Degrees Of Accrual..................................................................................12
Level Of Aggregation ...................................................................................................13
Institutional Issues.........................................................................................................13
Standard-Setting Structure ............................................................................................ 14
Oversight Structure .......................................................................................................14
Implementation Of Ipsas In Bangladesh.......................................................................15
Conclusion .................................................................................................................... 17
3. 3
Executive Summary
In the current “global revolution in government accounting,” International Public-
Sector Accounting Standards (IPSAS) are proposed for adoption by governments
around the world. After describing the nature of IPSAS, the paper discusses conceptual
issues concerning system capability and internal accountability, conceptual framework,
emulation of business standards, accrual basis of accounting and consolidated financial
statements. The institutional issues regarding the representation on the IPSAS board
and the sole oversight by the International Federation of Accountants (IFAC) are also
analyzes. Setting standards is a first step on the long road of fundamentally reforming
government accounting practices around the world.
4. 4
INTRODUCTION
International Public-Sector Accounting Standards (IPSAS) is the centerpiece of the
“global revolution in government accounting” (Heald, 2003) in response to calls for
greater government financial accountability and transparency. IPSAS refers to the
recommendations made by the IPSAS Board under the auspices of the International
Federation of Accountants. IPSAS are accepted for accounting for funds provided under
World Bank Programs. Developing countries are urged to adopt IPSAS by international
organizations which provide financial assistance to developing countries. Other
countries, regardless of their political and economic systems, are encouraged to
harmonize their national standards with IPSAS. Thus, IPSAS have become de facto
international benchmarks for evaluating government accounting practices worldwide.
For these reasons, IPSAS deserves the attention of accounting policy-makers,
practitioners and scholars alike. (When individual or multiple standards are discussed,
the phrase “IPSAS are” is used; when a whole set of standards is referred to, “IPSAS
is” appears instead.) This paper critically examines conceptual and institutional issues
in setting IPSAS.
The conceptual issues are problem areas or debatable points on the substance of IPSAS.
Institutional issues, on the other hand, relate to the governance and process of setting
IPSAS. A brief introduction to IPSAS precedes the analysis of issues.
This is the latest in a series of papers the author has written on IPSAS over a period
of several years, during which IPSAS and its institutional structure have expanded.
These papers describe, explain and critique IPSAS in the belief that a scholar should
independently examine even the authoritative literature and the authorities that
practitioners are obliged to comply with.
5. 5
THE NATURE OF IPSAS
In order to familiarize the reader with the IPSAS, this section identifies their
characteristics, explains their structure, and briefly describes the IPSAS specific to the
public sector, on the basis of information primarily from the IPSAS Board’s website.
IPSAS
A distinction may be made between lower-case ipsas international public sector
accounting standards and upper-case IPSAS, i.e. International Public Sector
Accounting Standards. The “ipsas” refers to the norms for reporting government
finance required or recommended by (1) international treaties, agreements, and
contracts; and (2) international organizations of an official nature. The first category
includes, for example, the definitions of “deficit” and “debt” used in calculating the
financial ratios under the Maastricht Treaty, and in meeting the conditionality
requirements of the International Monetary Fund (IMF). The second category includes
the government financial reporting requirements in the United Nations (UN) and
European System of National Accounts (SNA), the IMF’s Government Finance
Statistics (GFS) and Fiscal Transparency (FT), the Organization for Economic
Cooperation and Development (OECD) Budget Transparency projects. Due to the close
relationships between these ipsas and IPSAS, the organizations concerned have worked
on their harmonization.
General Characteristics
There are several ways to characterize IPSAS: as an international version of national
standards; as a government version of business accounting standards; and as a
professional version of laws and regulations.
IPSAS is substantively the Anglo-American model of government accounting elevated
to the international level. The similarity is so great that the United States and the
advanced British Commonwealth countries Australia, Canada, New Zealand, and the
United Kingdom — are regarded as de facto adopters of IPSAS. Despite their
variations, governments in these countries now routinely issue consolidated financial
statements produced by their accrual accounting systems in accordance with standards
set by boards largely independent of government authorities.
IPSAS is the government version of the International Financial Reporting Standards
(IFRS). IFRS are set by the International Accounting Standards Board (IASB) and its
predecessor for multinational corporations. From the outset, convergence with IFRS
has been the modus operandi of the IPSAS Board and its predecessor, the Public-Sector
Committee. In their view, unless there is a reason for government to be different from
business, IFRS applies to government.
Finally, IPSAS is the professional version of laws and regulations on government
accounting and financial reporting. IPSAS are developed by an expert group appointed
by a global federation of the accounting professional bodies in over 100 countries.
IPSAS are not constrained or enforceable by either the “ipsas” mentioned above or by
national laws and regulations enacted through legislative and administrative processes.
6. 6
Scope
IPSAS address issues on financial measurement and financial reporting to the public.
Specifically, they define the form and content of the so-called “general purpose
financial statements” and related financial disclosures in a government’s annual report.
These financial statements consist of a statement of financial position and a statement
of financial performance produced by an accrual financial accounting system, as well
as a statement of cash flows produced by a cash accounting system.
This self-imposed scope limitation has a number of implications. IPSAS do not deal
with the financial measures used in budgeting. IPSAS do not address the contents of
reports produced to demonstrate compliance with laws and regulations, including
budget execution. These reports are regarded as “special purpose reports” outside of the
scope of IPSAS.
Premises
IPSAS are more comprehensible if one is aware of their underlying assumptions. The
first assumption is that there are so many common transactions in the private and public
sectors that it is possible, and indeed preferable, to have one set of generally accepted
accounting principles for both sectors. Most IPSAS can therefore be set by making
modest changes to the standards promulgated by the International [Business]
Accounting Standards Board (IASB). Additionally, the IPSAS Board would establish
standards for transactions and events unique to the public sector.
The second assumption is that since business firms annually prepare consolidated
financial statements under the accrual basis, governments should do the same.
Consolidated financial statements cover a primary organization and its subsidiaries in
which the primary organization has a majority ownership interest. The accrual basis
used by business firms regards sale (not production) of goods and services as the
criterion for judging financial performance.
The third assumption is that accounting standards are more objective and of a higher
quality if they are set by an expert group independent of the organizations obliged to
follow the standards. For the public sector, independence can be achieved or at least
enhanced by giving the task to a private-sector body, an advisory board, or increase the
number of public (non-government) members.
Finally, accounting standards should be produced through a due process. Due process
means that research and deliberation should precede decisions. Furthermore, adequate
opportunities are provided for interested parties to provide inputs before standards are
finalized.
Structure
On the basis of the above premises, the IPSAS Board and its predecessor have gone
through two phases of standard setting. The first phase from 1996 to 2002 produced a
score of standards by modifying the corresponding IFRS. Since 2002, the second phase
has focused on public-sector specific issues. General standards are listed ahead of
specific standards, and the public-sector specific standards are noted in italics. (Short
titles are used as necessary.)
Cash-basis and Accrual-basis Standards. The board issued one comprehensive cash
basis standard, presumably for countries, such as many developing countries, that are
not ready to adopt the accrual basis. All the other IPSAS adhere to the accrual basis.
7. 7
General Standards on Accounting Recognition and Measurement. There are only three
standards in this category, namely:
• No. 4: The effects of changes in foreign currency exchange rates
• No. 9: Revenue from exchange transactions
• No. 23: Revenue from non-exchange transactions (taxes and transfers)
General Standards on Reporting. There are eleven standards in this category,
namely:
• No. 1: Presentation of financial statements
• No. 2: Cash flow statements
• No. 3: Fundamental errors and changes in accounting policies
• No. 6: Consolidated financial statements and accounting for controlled entities
• No. 8: … Interest in joint ventures
• No. 10: Financial reporting in hyperinflationary economies
• No. 14: Events after the reporting date
• No. 18: Segment reporting
• No. 20: Related party disclosures
• No. 22: Disclosure … about General Government Sector
• No. 24: … Budget information …
Standards on Specific Elements of Financial Statements. There are 13 standards in
this category, namely:
• No. 3: Net surplus or deficit for the period
• No. 5: Borrowing costs
• No. 7: … Investments in associates
• No. 11: Construction contracts
• No. 12: Inventories
• No. 13: Leases
• No. 15: Financial instruments
• No. 16: Investment property
• No. 17: Property, plant, and equipment
• No. 19: Provisions, contingent liabilities and contingent assets
• No. 21: Impairment of non-cash-generating assets
• No. 25: Employee benefits
• No. 26: Impairment of cash-generating assets
Exposure draft. As of early July 2008, two exposure drafts awaited public comment,
namely:
• Service concession arrangements
• Social benefits: disclosure of cash transfers to individuals and households
Current projects: At the same time, there were five current projects, namely:
• Conceptual framework for general purpose financial reports of public sector
entities
• Review of cash-basis IPSAS
• Financial instruments
• Fiscal sustainability of government programs and their financing
• Heritage assets
8. 8
In summary, the IPSAS Board has produced a small number of public-sector
specific standards, but more is in progress. There are many more standards on specific
topics than on general criteria. Finally, the board recently initiated a project to articulate
a formal conceptual framework on government financial reporting.
Standards Specific to the Public Sector
There are currently four IPSAS specific to the public sector.
No. 21 on impairment of non-cash generating assets: These are fixed assets that do
not produce commercial benefits. The standard requires the recognition of loss due to
impairment, which is the decline in fair value beyond depreciation.
No. 22 on general government sector: This standard clarifies the differences in the
reporting entities in financial reporting and statistical reporting. The General
Government Sector (GGS) used in statistical reporting includes financial and non-
financial public corporations. The standard calls for additional disclosures about GGS.
No. 23 on revenues from non-exchange transactions: This standard covers taxes
and transfers, which refer to fines, donations and debt forgiveness. Revenues are
increases in assets or decreases in liabilities. Revenue recognition depends on the
taxable events that trigger potential resource inflows.
No. 24 on budget information disclosure: Disclosures are made outside of financial
statements. This standard calls for the following disclosures: original and final budget
with projected revenues and appropriations; actual amounts on the budgetary basis; an
explanation of variances; as well as a reconciliation of accrual and budgetary bases.
Additional standards will likely result from exposure drafts and current projects
indicated earlier.
CONCEPTUAL ISSUES
Conceptual issues are debatable points about the standards themselves, including their
substance and underlying ideas, in contrast to institutional or organizational issues.
The conceptual issues include:
• Neglect of system capability and internal accountability
• Setting standards before agreement on a conceptual framework
• Starting IPSAS with modified international business accounting standards
• Ambiguous stance on the basis of accounting
• High aggregation level in financial reporting these issues are briefly discussed.
System Capability and Internal Accountability
System capability refers to the infrastructure for collecting, recording, and summarizing
financial data. Consolidated financial statements on the accrual basis can be produced
only by an accounting system with sophisticated features. These features include: (1)
the accounting equation, assets = liabilities + net assets, as its conceptual foundation;
(2) a detailed chart of accounts for the elements of the accounting equation, as well as
revenues and expenses as changes in net assets; (3) a double-entry recording system;
and (4) the ability to translate standards (such as IPSAS) into specific policies and
procedures applicable to the organization concerned. These features have to be
9. 9
incorporated in the hardware and software of the accounting system, along with human
resources and financial resources made possible by political support and managerial
leadership. By assuming these prerequisites, the IPSAS seems neglects the necessity
of building system capability.
Annual financial reporting to the public is not the only function of a government’s
accounting system. Throughout the year, the accounting system is responsible for
producing reports in response to requests by department managers, political executives,
and parliamentary committees or members. IPSAS regards these internal “special
purpose reports” as outside of its scope.
In summary, IPSAS emphasizes a subset of the outputs of a government’s
accounting system, and pays little attention to its “through-puts” (operating procedures)
and inputs. Officials responsible for designing and funding a government’s accounting
system, however, have to take a holistic and operational perspective.
Conceptual Framework
The lack of guidance from a sound conceptual framework is partly responsible for the
current state of IPSAS. A conceptual framework is expected to specify such things as
objectives, scope, recognition criteria, definitions and qualitative characteristics of
financial information. Even though they are necessarily general, these parameters could
still provide the justification and foundation for standards. Up to this time, IPSAS are
characterized by numerous detailed rules about specific elements of financial
statements, and only few general principles. One might argue that, given the global
reach of IPSAS, principles (see Exhibit 1) or principles-based standards might be more
appropriate.
Exhibit 1. Minimal Government Accounting Principles
• Prepare and publish budgets, maintain complete financial records, provide full
disclosures, and submit to independent audits.
• Monitor assets, liabilities, revenues, and expenses.
• Measure cash and other financial consequences of transactions and events.
• Assess government’s financial condition and performance.
• Issue user-friendly financial reports periodically.
Government accounting principles are not likely to be derived from the kind of
conceptual framework being formulated at the IPSAS Board. Furthermore, if the
experience of other accounting standards boards is any guide, constructing conceptual
frameworks is a never-ending exercise and requires a delicate balance between
generality and specificity. Conceptual frameworks have not been helpful in making
specific accounting policy choices. The way forward, in the author’s opinion, is a
commitment to an explicit theory of government accountability, so that accounting
standards are derived from accountability requirements.
The conceptual foundation of corporate financial reporting is the theory of the firm that
emphasizes managers as agents of the owners of the firm. Government accounting
needs a broader theory of government accountability, which can be derived from
10. 10
Herbert Simon’s organization theory (Simon, 1945). When applied to the public sector,
the essence of the theory states that a variety of stakeholders (see Exhibit 2) have a
vested interest in a financially viable government. Their incentive to use a government’s
financial statements a source of their common knowledge about the government
(Sunder, 1997) — comes from their desire to know the amount, timing and degrees of
uncertainty of the benefits they expect to receive from government. General purpose
financial reporting reduces the information asymmetry between the stakeholders and
government officials in control of government financial accounting system.
Exhibit 2. Government and Stakeholders
Stakeholders Contributions Made Benefits Expected
Voters Government legitimacy Public and private goods and
services
Taxpayers, fee
payers
Payments or promises to pay Public and private goods and
services
Grantors and donors Financial resources Services per terms of grants
Lenders, creditors Financing, including
financial resources
Payment plus interest
Employees Labor services Compensation, retirement benefits
Contractors Goods and services payments
Emulation of Business Accounting
Contemporary business financial accounting has influenced government accounting in
several positive ways: Annual financial statements should be in the consolidated format
in order to cover the whole firm, and to lessen information overload for users. There
should be a package of financial statements to show financial position and performance,
as well as cash flows. The balance sheet should have a broad measurement focus so that
capital assets and long-term liabilities are reported. The accrual basis should be used so
that financial performance emphasizes accomplishments in terms of sales. Finally,
financial statements should be prepared by using standards set by a neutral organization,
and should be verified by independent auditors.
Even so, it is not necessary for IPSAS to imitate IFRS to the point that the so-called
“core” set of initial IPSAS (Sutcliffe, 2003) amount to slightly modified IFRS. IFRS
are necessitated by global capital markets and the operations of multinational
corporations. There are no comparable motivating forces for IPSAS. By imitating the
IFRS, the Public-Sector Committee (IPSAS Board’s predecessor) spent resources over
six valuable years and incurred considerable opportunity costs. It could have developed
a set of accounting standards specifically to meet the common needs of international
lenders and donors to governments. Or it could have spent the time addressing public
sector issues. These public-sector issues arise from some fundamental differences
between government and businesses, such as those identified in Exhibit 3.
11. 11
Exhibit 3 Government and Business Characteristics
Defining Characteristics Government Business
Driving force Power Money
Ultimate performance
criterion
Equity Efficiency and economy
Relation to law Has the authority to make and
enforce laws
Can influence legislation but
cannot legislate
Standard of conduct Promotion of the public Promotion of self-interest
interest and general welfare
Residual financial
stakeholders
Taxpayers Stockholders
Transactions Involuntary and
nonreciprocal exchanges on
the output side and some on
the input side
Mostly voluntary and
reciprocal exchanges on both
the output and input sides
Product Indivisible public goods for
collective consumption
Divisible private goods for
personal consumption
Financing source Tax revenues Sales revenue
Assets Public property, including all
non-private property within
jurisdiction
Private property with
ownership clearly defined by
law
Liabilities Broadly construed to promote
general welfare
Narrowly construed to limit
risk exposure
The “non-business” characteristics of government have a number of consequences for
its accounting. The accounting equation — “assets – liabilities = residual equity” —
befits the nature of business firms. Since a government can be viewed as a legal person,
owning property and being held liable, the accounting equation is used to structure the
financial data of government. Even so, the residual equity or net assets of a government
cannot be easily explained or interpreted. In addition, some government assets (e.g.
heritage assets) are difficult to measure with accounting techniques developed for a
market economy. Some potential government liabilities (e.g. social security) are
difficult to define because of political and legal considerations. The indivisible nature
of public goods makes it impossible to recognize tax revenues on the basis of services
rendered or goods sold, i.e. the full accrual basis used by business firms. Instead,
government benefits are distributed primarily through the budgetary process, making
the budget the government’s primary fiscal document. The extent to which accounting
(and accounting rules) should be independent of budgeting (and budgeting rules) is a
contentious issue. In any event, year-end financial reporting complements budgetary
disclosures and is a component of fiscal transparency.
Cash vs. Accrual Measurement
The IPSAS Board has demonstrated an ambiguous stance on the issue of cash basis vs.
accrual basis of accounting, and has not clearly explained the relationship between
accrual basis and accrual accounting.
12. 12
The IPSAS Board has sent mixed signals on its commitment to accrual. It evidently
favors the accrual basis, issuing all its standards under that basis, except one
comprehensive cash-basis standard. That standard is justified on the basis of the time
and effort required for some governments to transition to accrual. However, this
position is unnecessary because the board could affirm accrual in principle, leaving
each country to implement the principle to the extent possible. It is detrimental to the
board’s overall posture of promoting accrual by creating the impression that both cash
and accrual are equally acceptable bases in adopting and implementing IPSAS.
The mixed signal regarding accrual may have to be clarified by differentiating three
contexts for accrual: the accrual basis of revenue recognition, accrual accounting, and
accrual-based financial statements.
The IPSAS Board has not articulated a clear alternative to full accrual of revenue
recognition in business. As explained earlier, it is not feasible for governmental
activities that produce collective services to use service results or accomplishments as
the basis for recognizing tax revenues. IPSAS No. 23 provided the board with an
opportunity to state an alternative to the business-type accrual basis. However, even
though the board properly traced tax revenue recognition to taxable events, it fell short
of explicitly identifying the government’s assertion of a claim as the basis of
recognizing such revenues and related receivables.
Accrual accounting is much broader than the accrual basis of accounting. Governments
can still practice accrual accounting without the full accrual basis of revenue
recognition, because revenue is an increase in net assets, and the amount of net assets
depends on the criteria used in recognizing some resources as assets and some
obligations as liabilities. A wider range of assets and liabilities could be reported on the
balance sheet with higher degrees of accrual. The amounts of net assets measure
liquidity and solvency. Revenues and expenses are increases and decreases,
respectively, in net assets (Exhibit 4).
Exhibit 4. Degrees of Accrual
Degree Assets Liabilities Net Assets
Mild accrual Current financial resources Current liabilities Liquidity
Moderate
Accrual
Current and long-term
financial resources
Current and long-term
liabilities
Financial
solvency
Strong accrual Financial and non-financial
(capital) resources
Current and long-term
liabilities
Economic
solvency
The “degrees of accrual” concept conveys the elastic nature of accrual, and contrasts
sharply with the dichotomous approach implicit in IPSAS. Since fundamentally assets
are property rights and liabilities are obligations, this “rights and obligations” version
of accrual is the public-sector counterpart to the service effort and accomplishment
(SEA) based accrual used by businesses.
We have moved from “accrual basis of accounting” to “accrual accounting.” Accrual
accounting refers to accounting that emphasizes the balance sheet which reports the
cumulative consequences of past transactions and events. Data from the accrual
accounting system can be used to prepare accrual-based financial statements, namely
the statements of financial position and financial performance.
13. 13
The practical implication of this clarification of accrual is that transition to accrual
entails three phases: (1) recognizing the government’s receivables from taxation and
other non-exchange transactions; (2) gradually building up the capacity of accounting
system to capture a larger portfolio of assets and liabilities; and finally (3) preparing the
accrual-based financial statements.
Level of Aggregation
In addition to requiring financial statements to be prepared under an ambiguous accrual
basis, IPSAS also favors presenting financial statements in a consolidated format, which
displays the government as a whole to give an overview to users. This presentation
format, however, raises two controversial issues: (1) What does a government consist
of? And (2) should the government as a reporting entity be presented as a whole in one
column of figures?
The problematic nature of defining the boundary of government is evidenced by the
need for IPSAS No. 22. The standard seeks to clarify the relationship between (a)
government as a entity for which financial statements are prepared and (b) the general
government sector for which government finance statistics are reported. One should be
aware that, while all governments shall certain essential attributes, institutional
arrangements vary in different political and economic systems. Except in cases of a
great concentration of power, corporate-type consolidation probably would always
overstate the extent of central control in government.
A basic limitation of having one column for the “whole government” is that this format
cannot show internal borrowing and transfer of funds. What consolidation reveals may
be interesting, but what it conceals is vital. For example, the general fund of the U.S.
Government has repeatedly borrowed billions of dollars from the Social Security fund,
with little prospect of repaying it with interest. This fact is reported, but only in an
obscure note following the financial statements.
The whole government could be reported in other ways. There could be columns
organized by principal types of activities — governmental, business-type and fiduciary
— and a total for the whole government. The government-wide total may have to be
augmented by another column displaying legally independent units with significant
financial interdependency with the government. The general point is that the accounting
system has to maintain data at a sufficiently disaggregated level to permit ways of
presenting the government.
The resolution of the conceptual issues identified in this section would move IPSAS in
the direction of generally appropriate accounting principles. Another major challenge
of the IPSAS Board is to realize the goal of global acceptance, which requires the
resolution of the institutional issues discussed in the next section.
INSTITUTIONAL ISSUES
IPSAS is an audacious enterprise in several respects: It is intended to transcend national
jurisdictions. It either overlooks or ignores the national diversity in political and
economic systems, as well as cultural and legal traditions. It elevates professional
authoritativeness above governmental authority. It expects the Anglo-American model
of government accounting to have global appeal.
14. 14
The previous section identified the serious conceptual issues awaiting resolution. Even
in the absence of the conceptual challenges, there remain some legitimate institutional
issues about the standard-setting structure and its oversight.
Standard-setting Structure
The IPSAS Board, preceded by the Public-Sector Committee (PSC) until 2004, is a
senior technical committee of the International Federation of Accountants (IFAC).
IFAC is composed of 157 national associations of professional accountants in 123
nations. IPSAS Board members, all serving on a part-time and non-salary basis, are
appointed by the governing board of IFAC, primarily on the basis of nominations made
by IFAC’s institutional members. Currently the IPSAS Board has 15 members
nominated by national bodies, and 3 public members.
The IPSAS Board is assisted on technical matters by a broadly-based Consultative
Group. Observers that have provided financial support include: International Monetary
Fund, The World Bank, the United Nations Development Program, and the Asian
Development Bank. Observers that have not provided financial support include:
International Organization of Supreme Audit Institutions, the Organization for
Economic Cooperation and Development, International Accounting Standards Board,
and the European Commission.
The current size and composition of the IPSAS Board reflects a delicate balance of
considerations. The larger the board, the more representative it could be but the more it
costs. At any size, the appointing authority has to grapple with several issues concerning
representation: What are, or should be, the attributes of representativeness? What is the
appropriate weight of each attribute? How many of attributes should a board candidate
possess?
Judging from the roster of IPSAS board membership over the years, the distribution of
seats seems to reflect these attributes:
• nominees of national accounting/auditing bodies, and “public” members
• the countries whose practices are (likely to be) embodied in IPSAS, and
other countries
• professional experience in government or in the private sector
• different regions of the world
• developed nations, and developing nations
• democracies, and other political systems
Similar attributes may be used to describe the Consultative Group. The expectation
is that individuals possessing one or more of these attributes, in some imperceptible
ways, would shape the IPSAS in the proper fashion.
In any appointment period or on a particular project, one might be concerned about
the under- over over-representation of a particular attribute. The ultimate dilemma is
this: the greater the diversity of participants, the less coherent their work products are
likely to be.
Oversight Structure
Another institutional issue is: Should the IFAC remain the sole oversight body for the
IPSAS Board? Formally, the IFAC has been the sole oversight body for the IPSAS
Board (since 2004) and the PSC (from 1986 to 2004). Additional sources of institutional
accountability, if not oversight as such, are the organizations that provide funding and
donated services for the operation of the IPSAS Board. Even though the production of
15. 15
IPSAS continues, the adoption and implementation of IPSAS has emerged as a relevant
issue for all concerned. Presumably the IFAC’s interest in sponsoring the IPSAS Board
extends to the adoption and implementation of IPSAS. If so, a pluralistic oversight
mechanism merits consideration. Such a mechanism should include government
finance officers and government auditors.
In all countries, changes to government accounting systems require the approval of the
chief financial officers and possibly even the legislature. Approval may take the form
of administrative rule or legislation. Budgetary support to implement IPSAS is the most
tangible form of endorsement. To the extent that international organizations of
legislators, finance ministers, budget directors exist, their willingness to participate in
an oversight body for IPSAS would be conducive to the implementation of IPSAS.
In many countries, private-sector auditors do not, or are not authorized to audit
government financial statements, especially those issued by the central government.
Supreme audit institutions, as well as their offices or counterparts in lower levels of
government, have the mandate to perform government audit, or contract out audit
services. Currently the INTOSAI (International Organization of Supreme Audit
Institutions) is an observer at IPSAS Board meetings. Its willingness to recommend
IPSAS to the auditors general of its member states would be a major vote of confidence
for the enforceability of IPSAS.
It has been said that wars are too important to be left to generals. If so,
government accounting may be too important to be left to accountants. For those who
fear the “politicization” of accounting, politics is that way government operates. IPSAS
represents accounting for government. However, accounting by government is still the
way of accounting of government is carried out.
Implementation of IPSAS in Bangladesh
The government of Bangladesh has expressed both commitment and willingness to
adopt the cash basis IPSAS and has taken an initiative to prepare the financial
statements in accordance with the cash basis IPSAS. The first set of IPSAS based
statements for the core ministries (excluding specialized organizations) and the
specialized organizations are planned to be produced by the fiscal year 2007-2008
and 2009-2010 respectively. The government considers the adoption of the cash
basis IPSAS a point of departure towards implementing the accrual basis of
accounting in the long run.
Bangladesh applies cash basis IPSAS in its reporting after a period of public sector
reform that has taken place over several years. Individual departments and public
sector entities do not manage their own cash, which is held centrally by government.
Consequently, the Bangladesh accounting function consists of a consolidated fund
and a treasury single account. Parliament limits the financial authority provided
through the annual budget. Responsibility for setting the accounting framework as
well as auditing the framework lies with the Comptroller and Auditor-General. A
challenge for Bangladesh is with respect to the timeliness of reporting; that is the
delayed production of these documents which are submitted late to the relevant
authorities; and the fact that they are not made available to the public. This is due at
least in part to the lateness of information being supplied by the self-accounting
entities (SAE) such as Defense and Railways which delays the preparation of a
16. 16
consolidated financial statement. SAEs report their financial transactions to
Controller General of Accounts (CGA) for eventual incorporation in both monthly
central accounts and annual finance accounts. However much of the delay in the
production of these accounts is due to the delayed reporting of their transactions to
CGA. In addition, the quality of their financial data is compromised by the limitations
of their separate accounting systems and adversely affects the overall quality of
financial reporting by CGA and the ability of Ministry of Finance to monitor budget
implementation Government of the People’s Republic of Bangladesh (2016) Public
Finance Management (PFM) Reform Strategy 2016-2021. Bangladesh experiences
IPSAS implementation challenges that will take a number of years to overcome and
the country will arguably find it difficult to achieve full compliance with IPSAS
(Hakeem, 2012).
17. 17
CONCLUSION
One may draw an analogy between reforming government accounting and constructing
a new building to replace an old one. Before the new building is realized, many steps
have to be executed: (1) An architecture sketches a conceptual design and refine it into
a blueprint. The planning documents reflect design principles and the architect’s
interpretation of tradition and style. He considers the function of the building when
deciding its form, as well as characteristics of the site and the larger surroundings. The
architecture also must comply with the building code promulgated by government
authorities to ensure safety, among other objectives. (2) A structural engineer will come
in to make sure that the building the architect has designed will not collapse under
various stressful scenarios, such as earthquakes, strong winds, and extreme
temperatures. (3) The assessment of the structural engineer may compel the architecture
to revise his design, sacrificing beauty for stability and other practical considerations.
(4) A developer then makes an economic assessment of the project, and looks for
financing. If the old building has architectural or cultural significance, the approval of
government regulators is often required to demolish or significantly alter it. (5)
Assuming adequate financing is secured, contracts with contractors are negotiated and
signed. Construction begins. Cost overrun and other “surprises” may be encountered
and overcome… Eventually, the ribbon is cut and the building opens.
The reader can envision an analogous process in building a new, or modifying an old
government accounting system in a country. The system is designed and tested,
financing and approval is secured, and the work is done and redone as necessary. In
other words, accounting standards such as IPSAS are similar to the conceptual design
for a building. Standard setting is only a preliminary step in the long process of
reforming accounting in one government. The process is repeated for all the
governments in a country, and for all governments around the world.
Developing IPSAS is similar to formulating a universal building code. One may raise
questions about the feasibility and desirability of having such a code. Is there enough
reliable knowledge that enables us to confidently specify the requirements for all
governments? Comparative international government accounting (CIGAR) is still in its
early stage of development (Lueder, 2008). Researchers are still very far away from
having found the laws of human nature as counterpart to the laws of physics which have
served as the foundation of structural engineering. Given the inadequate knowledge
base, prescribing a set of uniform accounting requirements for all governments in view
of their diverse environments requires a leap of faith.
This report has identified the “design” issues to be resolved while the conceptual sketch
or blue print is on the drawing board. It has also raised issues about who should be on
the design team, and who else should be recruited to participate in the marketing and
implementation of IPSAS.
Judging from the information available from the IPSAS Board, the process of adopting
and implementing IPSAS has already begun. That would be similar to starting the
construction process while the conceptual design is still being drawn. The hopes are
high, but the risks may be higher.
18. 18
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Accounting Standards and Evaluation Models, ed. by P. Einhorn and D. Braunig
Heald, D. “The Global Revolution in Government Accounting,” Public Money and
Management (January 2003), pp. 11-12.
International Federation of Accountants (IFAC), “Report of the Externally Chaired
Panel on the Governance, Role and Organization of the International Federation of
Accountants Public Sector Committee” (June 2004).
International Public Sector Accounting Standards (IPSAS) Board, Handbook of
International Public Sector Accounting Pronouncements (New York: IFAC, 2008).
IPSAS Board, on-line information (www.ifac.org/publicSector/) accessed on July 9,
2008:
• Fact Sheet
• Terms of Reference
• Strategies and Operational Plans, 2007-2009
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Lueder, K.G., “International Government Accounting Research,” Essays in Honor of
Professor Hannes Streim (tentative title, forthcoming).
Machiavelli, Niccolo, The Prince and the Discourses (Random House, 1950).
Sutcliff, P., “The Standards Programme of IFAC’s Public Sector Committee,” Public
Money and Management (January 2003), pp. 29-36.
Simon, H.A. Administrative Behavior (New York: The Free Press, 1945).
Sunder, S., Theory of Accounting and Control (Cincinnati: Southwest Publishing).
END