In an exposure draft, the International Public Sector Accounting Standards Board (IPSASB) proposed updates to link accounting and government finance statistics.
The proposed guidance will benefit entities in the process of implementing or already applying IPSAS standards by providing a tool to plan the integration between accounting and statistical systems, a news release said.
“The guidance we are proposing will help governments leverage the independently audited accounting data that is already available in their systems for statistical compilation, enhancing the overall data quality and the efficiency of their statistical reporting process,” Thomas Müller-Marqués Berger, IPSASB’s chair, said in the release. “Utilising the accounting data to support better decisions and fiscal management by governments benefits everyone.”
The final pronouncement will amend IPSAS 22, Disclosure of Financial Information About the General Government Sector, which prescribes disclosure requirements for governments that “elect to present information about the General Government Sector in their consolidated financial statements”, the release said.
Stakeholder feedback on the ED is sought by 22 June.
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