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Accounting and Financial Reporting



International Good Practices and Reference Models

Discovering its Own Relevance? Reflections on the ‘New’ Management Accounting in the Public Sector: Caught up in the discourse of new PFM reforms, accounting in the public sector is mired in a search for its own ‘relevance.” This paper, published by the Accounting Forum publication, discusses some best practices and holds that the accounting ideal is central – driven by central government’s obsession with transparency.         back to top


Guidance and Tips

Performance Budgeting - Is Accrual Accounting Required?   This IMF working paper reviews the role of accounting in budget system reform from the perspective of emerging economies who wish to adopt the OECD’s performance budgeting reforms.  Moreover, while recognizing that accrual accounting does support PEM best practices, it is also argued that many of the objectives of performance-oriented budgeting can be attained by less than full accrual accounting, and that unless certain preconditions are met it is safer for countries to remain with, and improve, their cash based accounting systems. 

Transition to the Accrual Basis of Accounting - Guidance for Governments and Government Entities (Published by International Federation of Accountants):   This study has been prepared through the guidance of Public Sector Committee’s (PSC’s) in response to the request for guidance on the process of transition from the cash to the accrual basis of accounting.  It identifies key issues to be addressed in the migration from the cash to the accrual basis of accounting.  It also identifies alternate approaches that can be adopted in implementing the accrual basis of accounting in an efficient and effective manner in the public sector. 

International Public Sector Accounting Standards and Statistical Bases of Financial Reporting - An Analysis of Differences and Recommendations for Convergence(Published by International Federation of Accountants): The purpose of this work is to identify differences between accounting and statistical bases of financial reporting and make recommendations to those responsible for the development of accounting and statistical bases of financial reporting on approaches for the removal of unnecessary differences.        back to top


Country Case Studies and Lessons Learnt

Openness and Transparency of Public Finance in Poland in the Light of International Monetary Fund Standards (Sponsored by the German Marshall Fund): The four chapters of this report include a definition of openness and transparency; examine the legal system of public finance in Poland; look at Poland's compliance with IMF transparency standards (and to some degree, with the standards found in the Idasa/IBP scorecard developed for South Africa); and offer recommendations.

Designing Change in Public Financial Management - Lessons from Pakistan (Produced by the World Bank): This note explains the lessons learned from the Project to Improve Financial Reporting and Auditing (PIFRA) in Pakistan from its initial decision to modernize its accounting and auditing functions and establishing an independent audit function. 

IMF Technical Assistance Evaluation - Public Expenditure Management Reform in Anglophone African Countries:  This paper summarizes the IMF’s Fiscal Affairs Department (FAD) TA delivered to a sample of 10, primarily Anglophone-heritage African countries (Ethiopia, Gambia, Ghana, Kenya, Malawi, Nigeria, Rwanda, Tanzania, Uganda, and Zambia). FAD’s TA main areas of focus are expenditure and commitment control, fiscal reporting, accounting systems, and integrated financial management information systems (IFMIS), as well as budget preparation issues, including support for medium-term expenditure frameworks (MTEFs).      back to top


Other Reference Materials

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