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Public Sector Financial Reporting

Read the latest insights on financial reporting and accounting in the public sector, including developments in International Public Sector Accounting Standards (IPSAS) and International Financial Reporting Standards (IFRS). Find out more about how governments around the world are adopting accrual accounting and producing financial reports similar to those used in the private sector, and the public sector specific issues they need to consider.
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Insights

Technical round-up: January 2025
  • Article
  • 30 Jan 2025
This month’s top stories feature Parliament accusing HMRC of damaging trust in the tax system; a warning to not respond to a fraudulent agent services text message; and more from the How to fix VAT campaign.
Chart of the week: Commonwealth of Australia balance sheet
  • Article
  • 20 Dec 2024
Our chart this week heads down under for some warmer weather and to take a look at the Australian federal government balance sheet in its recently published consolidated financial statements for the year ended 30 June 2024.
Technical round-up: December 2024
  • Article
  • 18 Dec 2024
This month’s top stories feature issues with HMRC’s customer service performance raised by ICAEW; the Scottish and Welsh Budgets; and a range of articles on why the UK must reform VAT.
Chart of the week: UK public sector pension liabilities
  • Article
  • 13 Dec 2024
Our chart this week looks at how public sector net pension obligations reduced by £1.2tn from £2.6tn to £1.4tn during the financial year ended 31 March 2023 as a consequence of a sharply rising discount rate.
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Highlights

Government’s response ‘disappointing’ on local authority recommendations
  • Article
  • 23 Feb 2024
Department keeps under review or rejects several recommendations made by the Levelling Up, Housing and Communities Committee inquiry into financial reporting and audit in English local authorities.
IPSAS vs IFRS - what is the most suitable accounting framework for the public sector?
  • Article
  • 05 Sep 2023
The adoption of accrual accounting by governments is gathering momentum. If a government were to adopt accrual accounting now, is the adoption of IPSAS the most sensible option?
IFRS vs IPSAS part IV: business/public sector combinations
  • Article
  • 24 Nov 2021
This is the fourth instalment in a series looking at the differences between International Financial Reporting Standards (IFRS) and International Public Sector Accounting Standards (IPSAS), and the suitability of each for public sector financial reporting.
Government’s plan to tackle local audit backlog in England
  • Article
  • 08 Feb 2024
Proposed backstop date of 30 September 2024 would force auditors to qualify or disclaim local authority financial statements if councils cannot resolve accounting issues in time.

Reports and analysis

Chart of the week: Whole of Government Accounts 2020/21
  • Article
  • 27 Jul 2023
Our chart looks at the £3.3trn of net liabilities presented in the UK government’s consolidated financial statements for the year ended 31 March 2021 that were finally published more than 27 months after the balance sheet date.
SDG reporting in the public sector: the future
  • Article
  • 29 Nov 2022
The 2030 Agenda for Sustainable Development is a historic global agreement agreed by world leaders at the United Nations in 2015. Seven years on, reporting on the 17 Sustainable Development Goals (SDGs) remains a work in progress.
The public sector must play its part in sustainability reporting too
  • Article
  • 07 Jan 2022
The climate conference in Glasgow (COP26) highlighted the planet’s perilous state and how commitments made must be turned into action, not just by the private sector, but also by the public sector. The need for comprehensive financial and non-financial information on climate and sustainability has never been more necessary.

Resources by Topic

Public Sector Audit and Assurance

Improving the quality of public audit. Becoming a registered local auditor. Assurance for grant-paying bodies

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Public Sector Finances

Insights and analysis on the UK public finances, including the #icaewchartoftheweek.

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Public Sector Financial Management

Our Better Government Series of policy insights looks at how to improve finance leadership and financial management in the public sector.

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Public Sector Financial Reporting

Developments in International Public Sector Accounting Standards (IPSAS) and International Financial Reporting Standards (IFRS) affecting the public sector.

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Europe and International

Exploring public sector finances and financial management across the globe.

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Books seen from above
Learning and Development

How we can help professionals, in the public sector and beyond, develop their skills and advance their careers.

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Further resources

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Public Sector webinars and recordings

Specialist resources and events for the public sector

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Public Sector Community

Free to join and open to non-ICAEW members

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Public Sector Community Newsletters

Latest news from the Public Sector Community

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