Hughes implementing ipsas to improve public financial management

Dr. Jesse Hughes, CPA, COA, CGFM ICGFM Winter Conference 7 December 2010

Public Financial Management Improvements ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Dr. Jesse Hughes, CPA, COA, CGFM

Auditing Standards ,[object Object],[object Object],[object Object],Dr. Jesse Hughes, CPA, COA, CGFM

Education Standards ,[object Object],[object Object],[object Object],Dr. Jesse Hughes, CPA, COA, CGFM

The Purpose of Accounting ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Dr. Jesse Hughes, CPA, COA, CGFM

The Accounting System and Accounting Standards ,[object Object],[object Object],[object Object],[object Object],Dr. Jesse Hughes, CPA, COA, CGFM

Benefits of Accrual Accounting ,[object Object],[object Object],[object Object],[object Object],Dr. Jesse Hughes, CPA, COA, CGFM

Benefits of Accrual Accounting (continued) ,[object Object],[object Object],[object Object],Dr. Jesse Hughes, CPA, COA, CGFM

Applicability of IPSAS ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Dr. Jesse Hughes, CPA, COA, CGFM

Transition Steps for IPSAS Implementation Dr. Jesse Hughes, CPA, COA, CGFM 7. Prepare proforma Statement of Financial Performance. 6. Prepare IPSAS-compliant opening and closing Statements of Financial Position. 5. Pilot test IPSAS policies and procedures in the new/upgraded information system. 4. Prepare Policy and Procedures Manual for approved IPSAS policies. 3. Assess the information system changes required. 2. Train staff. 1. Develop organizational transition plan and coordinate with auditors. 8. Prepare proforma Statement of Net Assets/Equity. 9. Prepare proforma Statement of Cash Flows. 10. Prepare proforma Statement of Comparison of Budget to Actual Amounts. 11. Prepare proforma IPSAS-complaint statements for controlled entities. 12. Prepare proforma Consolidated Statements.

Future IPSAS (?) ,[object Object],[object Object],[object Object],[object Object],[object Object],Dr. Jesse Hughes, CPA, COA, CGFM

Key Indicators in Public Sector Financial Statements ,[object Object],[object Object],[object Object],Dr. Jesse Hughes, CPA, CGFM

ICGFM Standards Committee ,[object Object],[object Object],[object Object]

Hughes implementing ipsas to improve public financial management

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Hughes implementing ipsas to improve public financial management