PH Affirms Commitment to Continue Accounting, Financial Reporting Reforms 

Two members of the Philippine delegation, Commission on Audit Assistant Commissioner Lourdes M. Castillo and Director Luzvi Pangan-Chatto served as panelists in the recently concluded ISAR35 in Geneva on 24-26 October 2018. (Geneva PM photo)

GENEVA 06 December 2018 – The Philippines affirmed its commitment to continue the implementation of irreversible and sustainable government accounting and financial reporting reforms during the 35th Session of the International Standards of Accounting and Reporting (ISAR35) which was held at the Palais des Nations in Geneva from 24 to 26 October 2018.

Officials from the Commission on Audit (COA) were invited as panelists to share the Philippines’ successes and challenges in the practical implementation of International Public Sector Accounting Standards (IPSAS).

The delegation, led by Assistant Commissioner Lourdes M. Castillo, also discussed the country’s action plans on the significant aspect of the Public Financial Management Reform (PFM) Roadmap for the next four to five years.

The main agenda of the session were to discuss how to enhance the reporting of contributions to attain sustainable development goals as well as issues in the implementation of international standards of accounting and reporting.

The Philippine delegates to ISAR35 also had the opportunity to participate in the 10th World Investment Forum (WIF), which was simultaneously being held at the Palais des Nations.

The WIF is a biennial multi-stakeholder gathering at the level of Heads of State and Government, ministers, chief executive officers and principals of international organizations, designed to facilitate dialogue and action on the world’s current and emerging investment development challenges. END

For more information, visit www.genevapm.dfa.gov.ph or https://www.facebook.com/PHinGenevaUN/