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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: March 2025
  • Article
  • 27 Mar 2025
This month’s top stories feature 300,000 people who no longer need to submit a tax return, 10 tax changes taking effect from this April, and HMRC launching a new agent query resolution service.
Proposed public sector accounting standards ‘could encourage greenwashing’
  • Article
  • 25 Mar 2025
The narrow definition of climate-related public policy programmes in the International Public Sector Accounting Standards Board’s latest exposure draft could increase the risk of greenwashing, warns CIPFA and ICAEW.
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.
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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?
Comparing IPSASBs draft climate disclosures standard with IFRS S2 and GRI
  • Article
  • 09 Dec 2024
The International Public Sector Accounting Standards Board (IPSASB) has issued a draft public sector specific climate standard. What are the unique features of this standard and how does it compare to IFRS S2 and GRI?
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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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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