neoaccounting

The In­ter­na­tional Public Sector Ac­count­ing Stand­ards Board (IPSASB) has made avail­able its 2017 Hand­book of In­ter­na­tional Public Sector Ac­count­ing Pro­nounce­ments. In two volumes, the Hand­book con­tains all IPSASB pro­nounce­ments pub­lished as of 31 January 2017, in­clud­ing the  Con­cep­tual Frame­work for General Purpose Fin­an­cial Re­port­ing by Public Sector En­tit­ies . It can be down­loaded free of charge in PDF format from the  IPSASB website . The IPSASB points out that the print edition is cur­rently in pro­duc­tion and will be avail­able for online or­der­ing soon.

Fiscal discipline, improved revenue generation, rational allocation and efficient use of resources must be imbibed every tier of Government in the country to return the economy to the path of sustainable growth and development. Other efforts needed to put the country on sustainable growth include the refocusing attention on quality investment in the real sectors of the economy namely agriculture, manufacturing, mines and steel, as well as the promotion of Micro, Small and Medium Enterprises as the critical contributors to the growth of our Gross Domestic Product (GDP).  Minister of Finance, Mrs. Kemi Adeosun stated this in a keynote address at a Retreat organized by the Federal Ministry of Finance in collaboration with the Federation Account Allocation Committee (FAAC) on the theme “Enhancing the Effectiveness of FAAC,” on Thursday in Uyo, Akwa Ibom State.  The Minister was represented at the event by the Permanent Secretary, Federal Ministry of Finance, Dr. Mah...

Despite its reputation for fiscal prudence, Germany appears determined to stick with a cash-based rather than an accruals system. Why is this? Despite its reputation for fiscal prudence, Germany appears determined to stick with a cash-based rather than an accruals system. Why is this? Something strange was recently flagged up in Germany’s government accounts. The finances looked good, dazzling even; finance minister Wolfgang Schäuble had just booked in millions of euros in revenue from the sale of federal bonds. But things weren’t really as they seemed, explained German newspaper Die Welt, citing analysis by firm Barkow Consulting. Like any other country, Germany issues sovereign bonds to raise money. It can also issue additional bonds under the terms of a previous offering. In an era of low interest rates, the latter offers a higher rate of return than issues that are new. Investors pay for this privilege with a premium on the price of the bond, which works to br...

Cutting through the technology hype to drive real change in the audit, Hermann Sidhu, assurance partner, EY There are few industries that haven’t been gripped by the hype around emerging technologies. Within audit, data analytics, artificial intelligence (AI) and robotics are already driving radical transformation in the profession. And like many organisations, EY is investing in developing tools such as bots, drones and AI applications that put emerging technology into practice.  But it is about more than just building technology; it’s about moving the process forward. And it’s about how auditors can utilise the best of what technology can offer to drive quality and deliver on its mandate to provide trust and confidence to the capital markets.  At EY, the big challenge is cutting through the hype to understand the real impact this emerging technology can have for our clients and the capital markets, now and in the future. Technology for technology’s sake is not going to i...

A successful digital transformation programme will reinvent and reinvigorate the organisation We can all agree that digital transformation is the phrase of the moment and, along with cybersecurity, the number one topic of importance to senior technology leaders in business today. Recent research from Source Global Research states that 79% of UK consultancy clients believe that they will increase investment in consulting to help support digital technology work, with 77% planning to invest more in data and analytics.  A successful digital transformation programme will reinvent and reinvigorate the organisation, increase employee engagement, extend competencies and efficiencies, bring sustainable long-term cost savings and most importantly, create a unified, inspired and collaborative workforce along the way.  Implementing a successful digital transformation programme is potentially a lengthy and complex process, but one that is certain to bring dividends. Many companies are ...

The way governments account for the profits made from commodities like oil can encourage unsustainable behaviour, according to the Goa Foundation. Should accounting rules be changed? Norway's sovereign wealth fund, filled with the country's oil cash, is the biggest in the world in terms of assets under management.   The perils – and tensions – over how pension liabilities are treated in government accounts are well known. But according to one Indian NGO, another accounting anomaly, with implications not just for financial sustainability and intergenerational fairness, but the environment, corruption and even the accuracy of GDP figures, is slipping comparatively under the radar. Rahul Basu of the Goa Foundation told  PF International  that a relatively simple accounting change could alleviate “much of the resource curse”, help countries avoid significant volatility in their finances and prompt the perspective change on resource extraction needed to stem climate cha...

The IFRS Foundation has today published the 2017 edition of its  Pocket Guide to IFRS ® Standards: the global financial reporting language .  The Guide shows continuing progress towards further enhancing the quality of IFRS Standards and increasing adoption around the world. The Pocket Guide provides an overview of the progress towards adoption of IFRS Standards in 150 jurisdictions around the world and includes information about the Standards and the organisation. This year’s Pocket Guide summarises key developments in the standard-setting over the past year and notes a growing number of jurisdictions requiring the use of IFRS Standards. Of the 150 jurisdictions studied to date, 126 (84 per cent) require IFRS Standards for all or most domestic listed companies and financial institutions. Another 13 jurisdictions (9 per cent) permit or require the Standards for at least some of those entities. During the past year, profiles on the use of IFRS Standards in ten...