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IPSAS 42 Social Benefits

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The publication of the IPSAS 42 Social Benefits (January 2019) marks the culmination of 16 years of work. The time taken to develop the standard highlights the difficulties in agreeing the scope, coverage, measurement and disclosure of a standard that recognises social benefits given to citizens. Social benefits were defined as: Any cash transfers made […]

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The public sector balance sheet is on the rise

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In October 2018 the International Monetary Fund (IMF) published the Fiscal Monitor, Managing Public Wealth focusing on the public sector balance sheet (PSBS). As an accountant it was great to read about the public sector balance sheet and see the IMF bring this into wider discourse. But what is it and importantly, why does it […]

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Making your efforts count

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Although most countries are united in the desire to shift to accrual accounting, many fail in their aim. But there are some simple ways to keep the process on track. Following the sovereign debt crisis, there has been steady progress towards enhancing transparency and greater accountability in public finances through the implementation of more robust […]