ACCA, IFAC release a global guide on public financial management reforms

Professionalisation of the workforce is one of the most important steps in achieving a step change in public sector financial management

A new joint guide by ACCA (the Association of Chartered Certified Accountants) and the International Federation of Accountants (IFAC) released at the World Congress of Accountants (WCOA) aims to boost PFM reforms across the globe by defining for the first time the idea of professionalisation specifically in the context of public sector finance.

The guide also features case studies of good practice from Tanzania, the UK, Cyprus, the Philippines, Pakistan, Malaysia and Wales.

A global guide for professionalisation in public sector finance provides a definition of what professionalisation means in public sector finance, sets out the benefits of professionalisation, and offers a high-level roadmap to support global good practice in professionalisation.

Discussing the global guide ahead of a panel discussion at WCOA, Joseph Owolabi, ACCA president, said: “Professionalisation brings credibility, trust and confidence in public finances by supplementing the systems and public finance processes with the right skills for accountability, transparency, good governance and external scrutiny. A professionalised workforce within a finance function supplies more than accounting information. It brings wide value to public sector finances – providing improved revenue collection, effective budgetary controls, and the data required to support policy decision making.”

Kevin Dancey, IFAC CEO, said: “We are looking to rebalance the focus so that it is not only on the process, but also on the people. The value of the accountancy profession, whether in the public or private sectors, comes from the experience, skills, judgement and ethical behaviour of its people. By increasing the number of professional accountants working in the public sector, we will no doubt add to the credibility and effectiveness of PFM, and reinforce trust in public services and spending.”

Achieving professionalisation brings multiple benefits to the economy, governments and individuals. It means greater financial credibility for economies, improved financial management discipline for governments, and greater access to diverse career options for individuals.

Alex Metcalfe, ACCA’s head of public sector, said: “Political leadership and commitment for professionalisation is the most important factor for sustaining PFM reforms over time. In some countries, there is a lack of recognition that change is needed at all. In other countries, PFM reforms have concentrated on moving from cash-based to accrual-based accounting. But now more effort is urgently required to professionalise public finance staff and provide opportunities for training for professional qualifications.”

Access the global guide here.

Comments

CBD Punjab Celebrated Pakistan Resolution Day with Patriotic Fervor

The Punjab Central Business District Development Authority (PCBDDA), also known as Central Business District Punjab (CBD Punjab), proudly commemorated Pakistan Resolution Day with unwavering dedication to the nation's progress. Held at the CBD Punjab headquarters, the ceremony was attended by COO CBD Punjab, Brigadier (R) Mansoor Janjua, directorate heads, senior officials, staff members, and ancillary staff, all united in the spirit of patriotism and national pride. The event began with a flag hoisting ceremony, symbolizing the steadfast commitment to uphold the principles of unity, faith, and discipline, and to strive for the betterment of the country while keeping the national flag flying high. The national flag soaring high served as a powerful symbol of prosperity and sovereignty. Addressing the gathering, COO CBD Punjab, Brigadier (R) Mansoor Janjua, emphasized the importance of commemorating the historic Pakistan Resolut

Huawei and OPPO Sign Global Patent Cross-licensing Agreement

Huawei and OPPO announced the signing of a global patent cross-licensing agreement, which covers cellular standard essential patents, including 5G. "After more than 20 years of continuous innovation, Huawei has developed multiple high-value patent portfolios in the global marketplace in domains like 5G, Wi-Fi, and audio/video codecs," said Alan Fan, Head of Huawei's Intellectual Property Department. "We are delighted to have reached a cross-licensing agreement with OPPO. The mutual recognition of intellectual property value between companies is a major step towards fostering a positive cycle of innovation and research in high-value standards: investing, receiving returns from investment, and then reinvesting. This will enable our industry to keep innovating and provide consumers with more competitive products and services." "We are very pleased to enter into patent cross-licensing agreement awith Huawei. It clearly demonstrates that the two compan

Economic confidence among finance professionals edges higher globally despite big fall in North America

The latest ACCA (the Association of Chartered Certified Accountants) and IMA ® (Institute of Management Accountants)  Global Economic Conditions Survey (GECS) suggests that confidence among accountants and finance professionals edged slightly higher in Q2 2024 and is just above its historical average. For chief financial officers (CFOs), all the key global indicators rose, with sharp gains evident in the New Orders and Capital Expenditure indices. There were some notable regional differences . Western Europe-based accountants reported another decent increase in confidence as the euro area and UK economies continue to stage recoveries. Even Asia Pacific saw a small rise off the back of a huge gain previously, and the New Orders Index increased strongly. The region is benefitting from improvements in the global economy, including in the manufacturing sector and the upward moving technology cycle. However, North America’s financial profe

Tech UP

Search This Blog