Public Sector Accounting International Harmonisation: Benefits and IPSASB s Role
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1 Public Sector Accounting International Harmonisation: Benefits and IPSASB s Role Ian Carruthers IPSASB Chair Rome 12 th October 2017 Page 1 Proprietary and Copyrighted Information
2 Session outline Who are IPSASB? Need for strong PFM Benefits of accrual Role of IPSAS Page 2 Proprietary and Copyrighted Information
3 The IPSAS Board and its outputs Independent Standard Setting Board for Public Sector entities Remunerated Chair (75% WTE) 17 other volunteer board members from around world Toronto-based Secretariat of 8 Independent governance (PIC) and advisory arrangements (CAG) 35 IPSASs (accrual basis) covering main areas of government activity, 1 cash basis standard as stepping stone to accrual 3 Recommended Practice Guidelines (RPGs) Public Sector Conceptual Framework 3 Page 3 Proprietary and Copyrighted Information
4 Strong PFM is essential Government depends on trust Poor Public Financial Management: Allows waste Encourages corruption Reduces ability to collect taxes Adverse impact on services Government expenditure typically 30%-40% GDP Poor PFM impacts on rest of economy and investor perceptions Page 4 Proprietary and Copyrighted Information
5 Transparency has a real impact Less debt and lower interest rates Page 5 Proprietary and Copyrighted Information
6 Benefits of accrual (1): What do you know about the past? Compared with cash accrual provides: Complete data on: Assets Liabilities Plus at Whole of Government level: Public sector employee liabilities Government debt Overall financial position Accountability for past decisions Resulting future funding commitments Page 6 Proprietary and Copyrighted Information
7 Benefits of accrual (2): UK WGA 2016 balance sheet Assets Property, plant and equipment 1,120 bn Other assets and equity investments 622 bn Net liability 1,986 bn Liabilities Net public service pension liability 1,425 bn Government financing 1,260 bn Other liabilities and provisions 1,043 bn Page 7 Proprietary and Copyrighted Information
8 Benefits of (3): UK WGA Reconciliation of public sector net debt bn bn Public sector net debt (National Accounts) 1,554 1,606 Net public service pensions liability 1,493 1,425 Provisions PFI contracts Unamortised premium or discount on gilts Tangible and intangible fixed assets (1,076) (1,120) UK Asset Resolution (UKAR) net impact on net debt (50) (30) Payables and receivables (128) (141) Investments (73) (50) Asset Purchase Facility (45) (50) Other (39) (31) Net liabilities (WGA) 1,875 1,986 Page 8 Proprietary and Copyrighted Information
9 Benefits of accrual (4): What do you know about the present? Compared with cash accrual provides: Full cost of service provision: Use of assets Liabilities incurred Actual financial performance Ability to determine charge / subsidy levels Full information to compare options Affordability of current and new programmes Plus at Whole of Government level: Taxation due Overall surplus or deficit Page 9 Proprietary and Copyrighted Information
10 Benefits of accrual (5): UK WGA Reconciliation of deficits bn bn Public sector current budget deficit (National Accounts) Increase in provisions 18 - Depreciation and amortisation (10) (8) Impairments and revaluations 15 9 Net losses on sale of assets (2) (6) Capital grants 8 7 Research and development 3 3 Other adjustments 2 4 Financing of long-term liabilities (inc. discounting) Revaluation of financial assets and liabilities (5) 8 Total net expenditure (WGA) Page 10 Proprietary and Copyrighted Information
11 Benefits of accrual (6): What do you know about the future? Compared with cash accrual provides: Funding requirements for: Asset maintenance / replacement Settling existing liabilities Entity s ongoing ability to finance activities Plus at Whole of Government level basis for assessing: Impact of demographic changes Sustainability of current policies / services Scope for services changes Page 11 Proprietary and Copyrighted Information
12 Benefits of accrual (7): Balance sheet as basis for financial sustainability projections Inflows Past cash flows Assets obtained and realized to date Future cash flows Present economic benefits realized in the future (Assets) Expected resources to be realized in the future Outflows Liabilities incurred and settled to date Expected obligations to be settled in the future Present economic sacrifices settled in future (Liabilities) Page 12 Proprietary and Copyrighted Information
13 Understanding the longer term challenges: UK Public Sector Finances Page 13 Proprietary and Copyrighted Information
14 Role of IPSASs (1) IPSASs are high quality global financial reporting standards for application by public sector entities IPSASs deal with transactions and events in general purpose financial statements IPSASs set out principle-based requirements for: recognition measurement presentation IPSASs on the accrual basis are mainly based on IFRSs but interpreted / adapted for the public sector context where appropriate IPSASs on unique public sector topics (e.g. Taxation) developed from scratch Page 14 Proprietary and Copyrighted Information
15 Role of IPSAS (2) Enhanced financial credibility Only global financial reporting standards for public sector Set by independent international board of public sector finance experts Based on private sector IFRS where appropriate Specifically addressing key public sector issues Transparency and trust Legislature and electorate Financial markets Credibility demands comparability Page 15 Proprietary and Copyrighted Information
16 Questions, Discussion & Further Information Visit our webpage Or contact us by IPSASB Chair: iancarruthers@ipsasb.org Technical Director: johnstanford@ipsasb.org Page 16 Proprietary and Copyrighted Information
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