Skip to main content

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

Post a Comment

Popular posts from this blog

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 with Huawei. It clearly demonstrates that the two compa...
Post a Comment
Read more

Peshawar Zalmi Releases "Zalmi Raalal" Official Anthem Powered by TCL

             TCL, Pakistan's No.1 LED TV Brand, in collaboration with Peshawar Zalmi, has released their most awaited anthem for PSL 8, " Zalmi Raalal ". Directed by the maestro Hassan Dawar himself, "Zalmi Raalal" is a star-studded, power-packed amalgamation of music, fashion, and sports, the three foremost passion points of Peshawar Zalmi. Produced by Naughty Boy, who has worked in the global music industry with the likes of Beyoncé, Wiz Khalifa, and Sam Smith, the music video features cricket's biggest superstars Darren Sammy and Babar Azam, as well as Pakistan's biggest celebrities Mahira Khan and Hamza Ali Abbasi. Peshawar Zalmi's official anthem for 2023, "Zalmi Raalal", is an ode to passion, a story entailing the beauty and power of the KP region and its people. The anthem has crossed one million views on all online platforms since its release, and the number is increasing fast.   The star-studded and narrative-centric anthem feature...
Post a Comment
Read more

Befiler Becomes an ACCA Approved Employer under Trainee Development – Gold Category

        Befiler (Pvt.) Ltd is pleased to announce its inclusion to the panel of ACCA’s Approved Employer Network under the Trainee Development – Gold Category. The Association of Chartered Certified Accountants (ACCA) is one of the world's leading professional accountancy body, and Befiler’s inclusion to the panel reflects its commitment to providing the right combination of technical, professional, and ethical skills to the students, affiliates, and members of ACCA. The ACCA Approved Employer Program recognizes and rewards employers’ quality staff training and development, and ensures the highest professional standards for both the employers and the students/employees. Befiler is proud to have a substantial representation of ACCA students, affiliates, and members working with it under various departments including leadership positions. Befiler hosted a ceremony at its Head Office in Karachi to commemorate the milestone, which was attended by the leadership of Befile...
Post a Comment
Read more