Publication attached

The Institute of Chartered Accountants Australia issued the leadership publication %26ldquo;It%26rsquo;s Time...for global, high quality public sector reporting standards%26rdquo;, designed to influence the debate in developing greater consistency and transparency of public sector reporting internationally.

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The objective of this publication is to provide you with an insightful and informative synopsis of the current and future composition of global public sector financial reporting. This publication is intended to inform the work undertaken by the G20, and we eagerly await details of its assessment. Please find the publication attached.

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In summary, the publication explores the following themes:

1) Where are we now? The inconsistency among different nations within public sector financial reporting. The pursuit of some countries to advance the reporting framework.

2) What is the vision? High-quality, transaction-neutral, global financial reporting standards that are applied by reporting entities in the private and public sectors around the world

3) How should the vision be achieved? Two separate yet related developments need to occur %26ndash; the IPSASB needs to be transformed, and the public and private sector reporting models need to be integrated.

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We will appreciate your feedback on the publication and topic. Please email us your feedback and comments, on the following address: info@acap.md. We will also send all your notes directly to the Institute of Chartered Accountants Australia.