A financial management reform program calling for the adoption of International Public Sector Accounting Standards (IPSASs) has been approved by the General Assembly of the United Nations (UN).

International Federation of Accountants president, Graham Ward, said the program would for the first time enable the UN and its many agencies to have a comprehensive and consistent view of their financial position and performance.

'This will, in turn, enable the UN to manage more effectively, and to be fully accountable for, the resources entrusted to it,' said Ward.

IPSASs are developed by the International Public Sector Accounting Standards Board, an independent standard-setting body within IFAC. The standards set out the requirements for financial reporting by governments and other public sector organisations.

The standards may be downloaded from the IFAC website at http://www.ifac.org/store