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Budget Reporting

Budget Reporting

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Published by: wariach on Jul 10, 2011
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Research Report
May 2004
Budget Reporting
Public SectorCommittee
The International Federation of Accountants (IFAC) is the global organization for theaccountancy profession. It works with its 158 member organizations in 118 countries to protectthe public interest by encouraging high quality practices by the world’s accountants. IFACmembers represent 2.5 million accountants employed in public practice, industry and commerce,government and academe. Its structure and governance provide for the representation of itsdiverse constituencies and interaction with external groups that rely on or influence the work of accountants.The mission of the International Federation of Accountants is to serve the public interest andcontribute to the strengthening of the international economy by developing the globalaccountancy profession, establishing high quality standards and promoting internationalconvergence of standards.The Public Sector Committee (PSC) is a standing committee of IFAC. It develops accountingstandards for the public sector.Copies of this Research Report may be downloaded free of charge from the IFAC website athttp://www.ifac.org.No responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication can be accepted by the author or publisher.International Federation of Accountants545 Fifth Avenue, 14
FloorNew York, NY 10017 USAhttp://www.ifac.orgFax: +1 212-286-9570Copyright © May 2004 by the International Federation of Accountants. All rights reserved.Permission is granted to make copies of this work to achieve maximum exposure and feedback provided that each copy bears the following credit line: “Copyright © by the InternationalFederation of Accountants. All rights reserved. Used by permission.”For more information, contact permissions@ifac.org.ISBN 1-931949-32-8
The Research Report
This Research Report was commissioned by the Public Sector Committee (PSC). It was preparedby Dr. Jesse Hughes with input from the Budget Reporting Steering Committee. Dr. Hughes isProfessor Emeritus of Accounting at the College of Business and Public Administration, OldDominion University, Norfolk, Virginia USA.The objective of the Research Report is to provide input to the PSC’s deliberations on suchmatters as whether developing International Public Sector Accounting Standards (IPSASs) onbudget reporting is within the PSC’s mandate and whether the PSC should action a project(s) todeal with budget reporting issues.The Research Report represents the views of the author. At the present time, it does not reflectthe views of the PSC nor necessarily of all Steering Committee members.The PSC will consider the recommendations made by Dr. Hughes at its meeting in July 2004(and subsequent meetings if necessary) and at that time will determine whether and how itprogresses this issue.
The Public Sector Committee’s Standards Program to develop IPSASs commenced in 1996. TheStandards Program has received general budget support from the World Bank, the AsianDevelopment Bank, the International Monetary Fund, the United Nations Development Programand IFAC.The Public Sector Committee and the author wish to acknowledge that the Budget Reportingproject, of which this Research Report is a part, has also received additional project specificfunding from the Public Expenditure and Financial Accountability Program (PEFA). PEFA is apartnership program of the World Bank, the European Commission, the UK Department forInternational Development, the Swiss State Secretariat for Economic Affairs, the French Ministryof Foreign Affairs, the Norwegian Ministry of Foreign Affairs, the International Monetary Fund,and the Strategic Partnership with Africa. The PEFA Secretariat is located in the World Bank offices in Washington, DC.

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