Upskilling Public Sector and Government Finance Professionals Essential for Economic Development and Public Accountability, says Global Accountancy Body
The new certificate launched by ACCA in International Public Sector Accounting Standards (Cert IPSAS) stresses that equipping finance professional with basic skills for the public sector is an important aspect for public accountability and economic development keeping in view the challenges faced by these professionals in dealing with the rapid change in the size of expenditure in public sector.
Public Sector head at ACCA, Gillian Fawcett explains that ACCA Cert IPSAS was formed to provide public sector with the financial reporting based on international standards to guarantee public sector money worth, accountability and lucidity.
Worldwide all the NGOs and governments should adopt IPSAS reporting as then through this certificate transfer of the skills across countries and different organisations in public sector will be possible.
Finance professionals who are either working or have intention to work in the public sector are provided with more significant and stronger financial reporting skills through this IPSAS certificate. IPSAS financial reporting expertise benefits individuals as well as the employers by providing them with financial reporting expertise which plays an integral role in the improvement of lucidity and answerability of public money.
Policy of developing financial skills and financial management in public sector is strongly advocated by ACCA. ACCA in its international policy report has chalked out the basic principles needed to strengthen the financial management in public sector. It lays immense importance on acquisition by the professionals of basic skills such as showing the value of type of information both non-financial and financial used to advance the decision making ability; highlighting the important areas of effective audit and good governance; and deciding over the way public sector organisations can get strong ethical culture.