An explicit goal of the Bank's policy reform program in financial management has been to align with relevant international accounting and auditing standards and codes. In turn, the Bank engages with international standard setting and regulatory bodies to promote responsiveness of their pronouncements and processes to developing country needs.
In the public sector, the Bank is engaged in the program to develop international public sector accounting standards (IPSAS). Within this program, the Bank has played a leading role in promoting an accounting standard for external development assistance, which led to the issuance of an exposure draft in November 2006. This standard will help donors to increasingly rely on country systems by providing a reference to which both developing countries and donors can subscribe. Both the MDB FMHWG and OECD-DAC JV-PFM harmonization groups are the sponsors of this standard. The Bank also supports harmonization of IPSAS with the IMF's Government Finance Statistics (GFS) system as well as the harmonization of private sector and public sector auditing standards.
For further information on the OECD-DAC JV PFM, contact Sanjay Vani, Svani@worldbank.org, tel. +1-202-458-4885.
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