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.