Using Accrual Data in GFS

Transcription

1 Using Accrual Data in GFS Gabriel Quirs Deputy Directr Statistics Department March 6, 2017 Reprductins f this material, r any parts f it, shuld refer t the as the surce.

2 Outline Hw GFS Methdlgy develped Hw GFS Prvides An Integrated Apprach t Fiscal Analysis and Fiscal Transparency Why a chice between IPSAS and GFS is a false chice GFS & IPSAS: Relatinships with the fiscal cycle GFS & IPSAS: Cnceptual differences Challenges and Opprtunities ging frward Cncluding remarks 2

3 GFS Methdlgy develped ut f Macrecnmic Analytical Needs Traditinal fiscal reprts became t limiting Gvernment Finance Divisin Cmplexities f fiscal activities increased The GFS methdlgy is a pwerful tl fr ecnmic and fiscal analysis using CASH and ACCRUAL data Sme f Fund s membership face challenges with implementing accrual accunting. but the cmplementarities that have evlved between statistical reprting and accunting standards supprt the migratin tward accrual accunting 3

4 GFS Prvides An Integrated Apprach t Fiscal Analysis and Fiscal Transparency Gvernment Finance Divisin GFS enhances fiscal transparency because it integrates flws and stck psitins, thereby ffering a cmplete picture Opening Balance Sheet Value Stcks Transactins S 0 + T + OEF = S 1 Flws Other Ecnmic Flws Stcks S = stck psitins; T = transactins; OEF = ther ecnmic flws Clsing Balance Sheet Value but als because it allws distinctin between: - transactins (under direct cntrl f fiscal authrities) - ther ecnmic flws (impact f internal r external shcks)

5 Internatinal Public I Sectr Accunting Standards Gvernment Finance Statistics N need t chse between the systems IPSASs and GFS are cmplementary Accunting recrds are an imprtant surce fr high quality statistics 5

6 GFS and the fiscal cycle 6

7 GFS & IPSAS: Cnceptual differences Impact: different bjectives d result in sme fundamental differences in hw and what infrmatin is reprted GFS: Ecnmic analyses Analyze financial/ecnmic impact f fiscal plicy ptins Evaluate ecnmic impact n ther sectrs f the ecnmy Cmpare utcmes natinally and internatinally IPSAS: General purpse financial statements useful fr Evaluating financial perfrmance/financial psitin Managerial accuntability and versight Infrm decisin making by users f general purpse inf But bth systems ften require refrms IMF supprts these initiatives thrugh ur Capacity Develpment initiatives 7

8 Sme challenges remain Often requires a mre cmprehensive public financial management refrms. Refrms may take time and resurces Need fr reprting refrms must ften be balanced against ther demands n member s resurces Cuntry specific challenges may exist.but an increased demand fr better fiscal data culd supprt refrms 8

9 Opprtunities t cllabrate / Lking frward IPSAS Frward Strategy increasing use f accrual accunting in cmpiling GFS - pssible implicatins fr STA/FAD/IPSAS CD prgram - Difficulties/challenges fr cuntries in making a transitin.. The IMF membership cvers the full spectrum f accunting: Cash accunting Mdified cash Mdified accrual Accrual accunting - Hw best t increase the number f cuntries? 9

10 Cncluding Remarks Remember, we live in a dynamic wrld change happens - Linking GFS implementatin and IPSAS-based refrms prvides value Cnsultative prcess cntinues - Staff mutually invlved in varius wrking grups - IMF is represented as bserver n IPSAS Bard - IPSASB is represented n the GFS Advisry Cmmittee 10