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In practice internal users managers already know how their reporting entity is performing and hence less interested unless there is a beneficial interest bonus and performance rewards Internal users use the information for planning and monitoring hence Budget Execution Reports are more critical
4) Historical information comes at least 6 months after the year end- shop has been closed-
lack of timeliness
COVERAGE OF THE GPFS Increase the coverageintegrated reporting more next steps needed
1. The GPFSs have had a narrow focus on financial figures - the impeccable figures - how about the glamorous non-financial information? 2. The inclusion of non-financial information - good steps - but there is still room for improvements difficult though! 3. Governance issues relies increasingly on:
a) b) c) d) Was the appropriation respected? budget execution Was there value for money? economy, efficiency, effectiveness Was the regulatory environment respected? - oversight is PFM functioning as it should? automation of systems
2. Better governance is associated with the level of understanding and the ability to interpret the financial statements 3. The GPFSs are increasingly couched in complex language even for professional accountants
4. There should be a way to make them understandable and factual for effective oversight
2. 3.
4.
5.
6.
1- Statement of Financial Performance 2- Statement of Financial Position 3- Statement of Changes in 4- Equity/Net Assets 5- Cash Flow Statement 6- Accounting Policies/Disclosure Notes Critical areas for Transparency/Governance Budget Execution Reports/Statement of Appropriation Statement of Public Debt Statement of Contingent Liabilities Reporting based on programs - PBB
Very important Not well appreciated/understood Not well appreciated/understood Very important Important
Reporting budget information IPSAS.. Is inadequate Simply a disclosure note inadequate Also a disclosure note - inadequate None at all PBB linked to MTEF
Consider:-
b) Simplify
c) Be more Public Sector Specific
Hopefully will contribute to greater transparency and effective governance in the Public Sector