PracticePeople In PracticeSouth Africa takes IFAC standards lead

South Africa takes IFAC standards lead

South Africa has become the first country to formally announce its intention to adopt International Federation of Accountants' public sector accounting standards.

The South African government will use IPSASs as a basis for the development of public sector Generally Recognised Accounting Practice.

South Africa’s decision will give added weight to the momentum building over IPSASs with the OECD having already adopted the public sector standards for the preparation of its 2000 annual results.

Ian Mackintosh, chairman of IFAC’s Public Sector Committee applauded the country’s decision to adopt IPSASs, adding that it was a ‘clear indication of [South Africa’s] commitment to high standards of financial reporting’.

And the African country will be further boosted by the recent appointment of Terence Nombembe, South Africa’s deputy auditor general, to a three-year term with IFAC’s Public Sector Committee.

He will join representatives of government bodies from around the world tasked with developing international accounting standards for the public sector, aimed at strengthening transparency and accountability of governments and their agencies.

The PSC has set a goal of completing the ‘core set’ of accounting standards for the public sector by the end of the year.

IFAC has also crusaded for greater transparency in international auditing. Earlier this month a special Federation task force investigation into International Auditing Practices Committee proposed that the IAPC open up its meetings to the public and work more closely with national standards.

Links

IFAC charts course for global standards

IAPC Review Task Force Report and Recommendations

IFAC online

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