5th FinCoP Workshop

November 21, 2019

Vienna, Austria

Event Details

The PULSAR Financial Reporting Community of Practice (FinCoP) Working Group meeting was held on November 21-22, 2019 in Vienna, Austria. The event focused on: (i)  understanding the accounting requirements and good practices related to fixed asset management and development of asset registers as well as examining the importance of using balance sheet information for decision making and fiscal risk management; (ii) sharing good international practices in terms of IFMIS development and implementation, and latest technology trends (including GovTech) impact on the PSA, and (iii) exploring good practices in integration of public sector accounting into FMIS.

In addition, FinCoP participants agreed on the next steps for their work program and potential venue of future event.  

 

    Downloads

    Managing Public Wealth

    A presentation by Alexander Tieman​, International Monetary Fund​, on the conceptual framework, global picture and new elements of the Public Sector Balance Sheet, including country examples on risk identification and policy analysis.

    Release Public Wealth

    A presentation by Dag Detter, Founder and Managing Partner of Detter & Co, on how professional management of public wealth can generate extra revenues.

    Investments in Sustainable infrastructure and Management of Fixed Assets

    A presentation by Svetlana Klimenko, Lead Financial Management Specialist, World Bank, on issues of investments in sustainable infrastructure, insights from WB regional study on state of the management, control, and recording of fixed assets in Latin America, and typical challenges in the management of fixed assets.

    Accounting of heritage assets

    A presentation by Bernhard Schatz, Senior Manager PwC, Member IPSASB, about key issues related to accounting for public fixed assets (recognition, measurement, and presentation) Illustrated using heritage assets

    Recognizing and measuring public sector assets

    A presentation by Sandro Fuchs, Head of Centre for PFM, Zurich University of Applied Sciences, on how to recognize and measure public sector assets, and distinguish assets and expenses.

    Roadmap for fixed asset management reform and IPSAS implementation

    A presentation by Thomas Müller-Marqués Berger, Global Leader International PSA, EY, about global perspectives related to roadmap for fixed asset management reforms, and challenges and experiences of IPSAS implementation in terms of fixed assets.
     

    Integrating Financial Reporting and Fixed Asset Management

    A presentation by Ian Carruthers, IPSASB Chair, on Current IPSASB Guidance and Projects, Measurement Consultation Paper Approach, Measurement Bases Guidance, and Heritage and Infrastructure Issues.
     

    PEMPAL Working Group on Asset Management

    A presentation by Angela Voronin, State Secretary of Ministry of Finance of Moldova, Treasury Community of Practice, about the work performed by PEMPAL Working Group on Public Asset Management, in particular in relation to management of non-financial assets (NFA), outcomes of survey on NFA, and approximate structure of the Guidance on Asset Accounting Policies.

    Accounting for fixed assets in EPSAS

    A presentation by Lívia Shinn Straková, EPSAS Team, European Commission - EUROSTAT, on key issues addressed in EPSAS in relation to accounting for fixed assets: EPSAS Issues Papers on infrastructure, military and heritage assets. 

    IFMIS Deployment and Architecture

    A presentation by Khuram Farooq, Senior Financial Management Specialist, WB, and David Santos Ruano, Senior Public Sector Specialist, WB, about the intricacies of IFMIS deployment and architecture:  COTS vs Custom-developed solution, deployment models – centralized vs decentralized, phased implementation vs Big-bang, integration level and architecture.

    IFMIS: implementation implications and critical aspects

    A presentation by Khuram Farooq, Senior Financial Management Specialist, WB, and David Santos Ruano, Senior Public Sector Specialist, WB, where they discussed the IFMIS key implementation implications, such as: (i) policy and processes; (ii) information quality; (iii) cyber security; and (iv) operational and financial sustainability.

    French experience with IFMIS

    A presentation by Alexandre Streicher, Governance Manager, Agency for Financial Information Technology of the State (AIFE), about the experience with France CHORUS information system: a unified IFMIS for the French State’s financial management.

     

    Experience of Russia in IFMIS implementation

    A presentation by Anton Dubovik, Deputy Head of Federal Treasury of Russian Federation, about Russia's experience in IFMIS development: prerequisites, objectives, functional architecture, implementation strategy, benefits and costs, and lessons learned.

    Treands and challenges in GovTech

    A presentation by Brian Barnier, Head of Analytics, ValueBridge Advisors, USA, on big data and analytics, cloud, blockchain and digital transformation.

    Public Sector Accounting stock-taking survey

    A presentation by Iwona Warzecha, Senior Financial Management Specialist, WB, on the status and key results of the survey and discuss: (i) how the study could be used to leverage PSA reforms in their countries; (ii) what is the best way to disseminate the report in the respective countries to reach the right decision making/political levels. 

    Unlocking public wealth

    Publication by Dag Detter and Stefan Folster about how Governments could do a better job managing their assets.

    FinCoP priorities and next steps for 2019-2020

    Discussion on the next steps, including the dats and topics for the next conference and knowledge products.