On May 29-30 a round table discussion of the 2019-2023 draft strategy developed by the International Public Sector Accounting Standards Board (IPSASB) took place in the headquarters of the Asian Development Bank in Manila, the capital of the Philippines.
Among the many members of the Asian Development Bank, representatives of the Public Sector Accounting Methodology and Reporting Department of the RA Ministry of Finance had their direct participation in the discussion.
The following key sections of the draft strategy were discussed during the round table: elaboration of new standards in the field of private sector issues, ensuring compliance with the international public sector accounting standards (IPSAS), elaboration of guidelines to meet the broader needs of users of financial reporting, promotion of the processes of international public accounting standards adoption and implementation, and presentation of accounting benefits to the public on the basis of enrolment in the context of effective public finance management.
The workshop participants highlighted the opportunity for relevant government officials of developing countries-members of the Asian Development Bank to participate in the development of public sector accounting standards, and to obtain valuable information on the process and effectiveness of reforms in a number of participating countries.