CIFPA, the institute representing public sector accountants, has urged the
UK’s Department for International Development (DfID) to promote a new
international reporting standard minimising the multiple reporting burdens
placed on poor countries.
In a letter written to the DfID, Steve Freer, CIPFA chief executive, urged
the government department to support the International Public Sector Accounting
Standards Board’s proposal for a single financial reporting standard for aid
recipients, published last year.
Academics have widely criticised the fact that most assistance provided to
developing countries and aid agencies is swallowed up by the need to conform to
separate reporting standards for each donor.
Freer said the DfID must focus its efforts on ensuring greater accountability
‘Streamlining accounting processes, reducing duplication and increasing
transparency should greatly assist progress towards the goals, enhancing
accountability to the citizens of developing countries and donors,’ he said.
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Head of editorial Kevin Reed discusses this week's important accountancy news, including Brexit and audit market evolution