NEW YORK, NY--(Marketwired - Apr 27, 2015) - Convened by the International Federation of Accountants® (IFAC®), the Accountability. Now. coalition, comprising civil society organizations, major international bodies, and the accountancy profession, met for the first time to develop strategies to encourage high-quality public sector financial reporting, greater government transparency and accountability, and empowered citizen engagement.
IFAC Chief Executive Officer Fayez Choudhury commented, "Poor public sector financial management can lead to economic stagnation and contraction; severe social problems that impact future generations; and a widened gulf between government and its citizens.
"IFAC initiated Accountability. Now. to help drive awareness of the critical need for high-quality, transparent, comparable public sector financial reporting, and the importance of engaging citizens in the process of holding governments to account.
"Some of the world's poorest countries have the most to gain from having high-quality government reporting to better manage scarce public sector resources, attract investment, and promote accountability. IFAC will be focusing much of its efforts on helping these countries implement strategies to embrace high-quality reporting, based on International Public Sector Accounting Standards™, and encourage citizens to be part of the fiscal process.
"Understanding the true costs of government services, including all assets and liabilities, is central to good government and global growth. This is an issue that should be of concern to everyone, not just accountants and that's the exciting part of Accountability. Now.
"The coalition represents a range of different organizations with the skills and experience to help push for a better social contract between governments and their citizens, at a time when there is enormous pressure on governments to work with tighter budgets and deliver better social outcomes," Choudhury said.
In addition to the accountancy profession, represented by IFAC and the Big 6 accountancy firms, the coalition includes the Organization for Economic Co-operation and Development and the Global Initiative for Fiscal Transparency, whose members include International Budget Partnership, International Monetary Fund, World Bank Group, and the Brazilian and Philippines Governments.
About IFAC
IFAC is the global organization for the accountancy profession, dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. It is comprised of more than 175 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.