On 28 June 2010 the Centre for Financial Reporting Reform (CFRR) hosted a reception for members of the International Public Sector Accounting Standards Board (IPSASB), during the board's meeting in Vienna at the Austrian Ministry of Finance.
The event was initiated by Simon Bradbury, the World Bank’s observer on the IPSASB, in order to take advantage of synergies between the IPSASB's experts on public sector accounting and the CFRR's specialists on corporate sector accounting.
John Hegarty, Head of the CFRR, gave the board members an outline of the CFRR’s various programs and emphasized the differences and similarities between public sector accounting and corporate sector accounting. He particularly stressed the importance of linkages between standards in both fields and the challenges each faced in adapting standards to different jurisdictions with varied accounting traditions. Furthermore he defined the specifics of the adoption of International Financial Reporting Standards (IFRS) for partner countries and the ongoing process of consolidation with the acquis communautaire as one of the areas of expertise of the CFRR.
Andreas Bergmann, IPSASB Chair, summarized the IPSASB's focus on the accounting and financial reporting needs of national, regional and local governments, related governmental agencies, and the constituencies they serve. A key part of the IPSASB's strategy is to converge the International Public Sector Accounting Standards (IPSAS) with the IFRS issued by the International Accounting Standards Board (IASB).
The IPSASB develops high-quality accounting standards for use by public sector entities around the world in the preparation of general purpose financial statements. The IPSASB functions as an independent standard-setting body under the auspices of IFAC. It achieves its objectives by:
Issuing International Public Sector Accounting Standards (IPSASs);
Promoting their acceptance and the international convergence to these standards; and
Publishing other documents which provide guidance on issues and experiences in financial reporting in the public sector.
Both the CFRR and the IPSASB champion the establishment of international standards in their respective fields and agree on the need to align their efforts wherever possible.