This presentation was made by Jon Blöndal, OECD Secretariat, at the 18th Annual Meeting of OECD Senior Financial Management and Reporting Officials held at the OECD Conference Centre, Paris, on 1-2 March 2018

1. Public Interest Committee
− the oversight body for IPSASB
Jón Ragnar Blöndal
Co-Chair, Public Interest Committee
OECD Financial Management and Reporting Officials
Paris, 1 March 2018
PIC

2. Role of PIC
• Background
– Need for Public Interest Oversight Body (2014)
– IMF, INTOSAI, OECD, World Bank
• Mandate
– To “Review” and “Advise” IFAC and IPSASB
– Focus on Procedures and Processes; Not Individual and Specific Decisions
• Activities
– Terms of Reference of the IPSASB
– Nomination and Appointment of IPSASB Members
– Formulation of IPSASB Strategy and Work Plan
– Due Process Employed for Developing Accounting Standards
PIC

3. Oversight Activities (1)
• Nomination and Appointment Procedures
– Profile of IPSASB Members by Gender, Geography and
Professional Background
– Technical Expertise as Main Criteria for Appointment
– Clear Recruitment Strategy to Promote Representativeness
PIC

4. Oversight Activities (2)
• Programme of Work and Budget
– “What the IPSASB does is as important as how it conducts its
work.”
– Need for Original Public Sector Specific
– Long Duration for Developing Standards
PIC

5. Oversight Activities (3)
• Standard-Setting Due Process
– PIC Reviews the Application of Due Process for All New or
Revised IPSASs Before their Release.
– This May Require IPSASB to Take Further Steps to Address
Concerns Regarding the Application of Due Process
PIC

6. Conclusion
• Excellent Quality of Dialogue with IFAC and IPSASB
• Transparency
‒www.oecd.org/gov/budgeting/pic
PIC