Regional: Public Sector Accounting Standards (Fifth Phase)

Sovereign Project | 47161-001

Summary

TA Description:

ADB has been providing regional technical assistance (TA) to the IPSASB since 1997 (in four phases ). IFAC has requested ADB and its other development partners (see section 16 below) to continue financing its ongoing initiative of IPSAS development. Recognizing the fact that developing a high quality financial reporting standard is a long term process, the developing partners continue to support IPSASB, along with IFAC which remains the largest funder.

The TA aims (i) to facilitate, in the long run, accounting policy reform, accountability and capacity strengthening of DMC; and (ii) to improve the public sector accounting system. Improvements in the public sector accounting standards would be instrumental for DMCs to achieve good governance. This is consistent with the ADB Strategy 2020 and its development agenda on good governance, anticorruption and an enhanced government financial management system.

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Project Name Public Sector Accounting Standards (Fifth Phase)
Project Number 47161-001
Country Regional
Project Status Approved
Project Type / Modality of Assistance Technical Assistance
Source of Funding / Amount
TA 8542-REG: Public Sector Accounting Standards (Fifth Phase)
Technical Assistance Special Fund US$ 300,000.00
Strategic Agendas Inclusive economic growth
Drivers of Change Governance and capacity development
Partnerships
Sector / Subsector Public sector management - Public expenditure and fiscal management
Gender Equity and Mainstreaming
Description

TA Description:

ADB has been providing regional technical assistance (TA) to the IPSASB since 1997 (in four phases ). IFAC has requested ADB and its other development partners (see section 16 below) to continue financing its ongoing initiative of IPSAS development. Recognizing the fact that developing a high quality financial reporting standard is a long term process, the developing partners continue to support IPSASB, along with IFAC which remains the largest funder.

The TA aims (i) to facilitate, in the long run, accounting policy reform, accountability and capacity strengthening of DMC; and (ii) to improve the public sector accounting system. Improvements in the public sector accounting standards would be instrumental for DMCs to achieve good governance. This is consistent with the ADB Strategy 2020 and its development agenda on good governance, anticorruption and an enhanced government financial management system.

Following the successful completion of the first four phases of the RETA, the proposed TA will be used to support IPSASB's work program for 2013 to 2015, with high priorities assigned to the new and ongoing critical public sector projects of the standard-setting activities. The draw downs are proposed in three equal tranches over the TA period.

a. Link to Country Partnership Strategy/Regional Cooperation Strategy:

Due to the special nature of the TA, there is no direct link to the Regional Cooperation Strategy.

b. Impact

Expected impact of this TA is to improve public financial reporting and management in ADB DMCs as they adopt or make significant progress in adopting IPSAS.

c. Outcome

Expected outcome is significant progress on issuing a comprehensive set of IPSAS available for adoption by public sector entities in the DMCs. This will lead to the development of high quality public accounting standards that will strengthen transparency of government financial reporting.

d. Outputs

Issuance of finalized IPSAS, Exposure Drafts and Consultation Papers for discussion, especially those that are considered critical projects. Progress in the development of public sector conceptual framework and issuances of guidance and other resources to aid the implementation of IPSAS.

Project Rationale and Linkage to Country/Regional Strategy
Impact Improved public sector financial reporting management and enhanced accountability and transparency in public sector financial reporting and accounting systems
Project Outcome
Description of Outcome Adoption of IPSAS or IPSAS based accounting framework by DMCs
Progress Toward Outcome
Implementation Progress
Description of Project Outputs

Development and enhancements of accrual basis IPSAS

Development of public sector conceptual framework

Development of long-term capacity building programs to strengthen accountancy profession

Status of Implementation Progress (Outputs, Activities, and Issues)
Geographical Location
Summary of Environmental and Social Aspects
Environmental Aspects
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
During Project Design
During Project Implementation
Responsible ADB Officer Audrey Hyun Woo Hwang
Responsible ADB Department Controller's Department
Responsible ADB Division Office of the Controller
Executing Agencies
International Federation of Accountants535 Fifth Avenue, 26th Floor
New York, New York 10017-3610
U S A
Timetable
Concept Clearance 15 Nov 2013
Fact Finding 16 Sep 2013 to 03 Oct 2013
MRM -
Approval 10 Dec 2013
Last Review Mission -
Last PDS Update 13 Dec 2013

TA 8542-REG

Milestones
Approval Signing Date Effectivity Date Closing
Original Revised Actual
10 Dec 2013 18 Feb 2014 18 Feb 2014 31 Oct 2016 - -
Financing Plan/TA Utilization Cumulative Disbursements
ADB Cofinancing Counterpart Total Date Amount
Gov Beneficiaries Project Sponsor Others
300,000.00 0.00 0.00 0.00 4,586,500.00 1,957,500.00 6,844,000.00 10 Dec 2013 200,000.00
Title Document Type Document Date
Public Sector Accounting Standards (Fifth Phase) Technical Assistance Reports Dec 2013

Safeguard Documents

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