22 October 2014 - The Philippines delegation composed of representatives from the Department of Budget and Management (DBM) and the Commission on Audit (COA) attended the 31st Session on International Standards on Accounting and Reporting (ISAR) as well as a briefing on International Public Sector Accounting Standards (IPSAS). The ISAR is the United Nations (UN) focal point that conducts integrated programme research, dialogue, consensus-building, and technical cooperation on corporate transparency and accounting. The meeting was held from October 15 to 17 at the UN offices in Geneva.
One of the key issues discussed at the meeting include the financial and sovereign debt crises, which brought to light the need for better financial reporting by governments worldwide, and the need for improvements in the management of public sector resources. The session stressed that people are affected by the government’s financial management decisions, and as such, strong and transparent financial reporting has the potential to improve public sector decision making and governments must be more accountable to their constituents.
In her intervention, COA Assistant Commissioner Lourdes Castillo said that “the Philippines is presently undergoing public financial management reforms with the end view of enhancing transparency and strengthening accountability in the utilization of public resources.” She added that, “We are currently developing our own public sector accounting standards based on International Public Sector Accounting Standards.”
The 31st Session of ISAR successfully concluded that there is a need to have globally compatible corporate reporting as this would have an impact on the ability of States to meet the sustainable development goals. It also highlighted the importance of the Accounting Development Tool or ADT, which allows for an integrated and systemic approach consistent with globally recognized accounting and reporting standards throughout the whole accounting reporting chain.
The ISAR and IPSAS took place as part of the World Investment Forum (WIF) 2014, which was held from October 14 to 16 at the Palais des Nations in Geneva. The WIF is a global Forum for inclusive dialogue and policy formulation on investment-development needs. It brings together investment partners to discuss challenges, opportunities and policy solutions to meet the Sustainable Development Goals.
The members of the delegation from DBM and COA were assisted by the Philippine Mission in Geneva’s First Secretary Raphael Hermoso and Attaché Marivil Valles. END