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The G20 Finance Ministers and Central Bank Governors called on the IMF and the World Bank to explore the issue further and provide appropriate updates, declaring that “strengthening the public sector balance sheet is needed to better assess risks to public debt sustainability".
“We are very encouraged by these developments, as we had anticipated the G20 under Russia’s leadership would view improved public sector financial management as a priority”, said IPSASB Chair Andreas Bergmann. “The IPSASB looks forward to continuing its constructive dialogue and cooperative efforts with the G20, the IMF, and the World Bank.”
The IPSASB has been setting standards for financial reporting of governments since 2001. Currently, it has published a complete suite of 32 standards for the accrual basis of accounting, as well as one cash basis standard for countries preparing for the move to accruals. Nearly 80 countries and many international governmental organisations, including the United Nations, NATO, OECD, the European Commission, and ASEAN, are currently using or have firm plans to use the standards.