IFAC Response to UK House of Commons’ Public Administration and Constitutional Affairs Committee

IFAC is pleased to respond to the UK House of Commons’ Public Administration and Constitutional Affairs Committee’s inquiry into government accounts. In addition to IFAC’s overall comments and based on its understanding of the public sector reporting framework and arrangements in the UK, IFAC believes that it is a model to which other countries might well aspire. Alongside other countries that have strong public sector financial reporting arrangements (like New Zealand and Australia), the UK should see itself as a leader in this field. IFAC strongly encourages the UK government not to abandon the excellent work it has done over many years to develop a robust financial reporting framework. In fact, it should be examining ways to further develop and enhance its arrangements, not ways of dismantling it.