Government Accounting and finance Statistics Center

Government Accounting Finance Statistics Center

Public Financial Management,
We Lead

Government Accounting Finance Statistics Center Exists to ensure stability and continuous development of the government accounting system through conducting research to enact and amend the accounting standards of government, public sector and public corporation as a research center specializes in accounting

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The 4th KIPF Public Sector Accrual Accounting International Symposium PROGRAM OVERVIEW ◆ Date : Wed, 1 Nov 2023, 14:00 ~ 17:40 (KST) / 6:00 ~ 9:40 (CET) ◆ Venue : Hybrid / Live Streaming and International Conference Room (2F), Korea Federation of Banks (Seoul, Republic of Korea) ◆ Theme : In Search of Climate-related ESG Reporting in the Public Sector ◆ Host : Korea Institute of Public Finance ◆ Sponsor : Presidential Commission on Carbon Neutrality and Green Growth ◆ Hompage : https://en.gafsc-seminar.kr/ 2023. 10. 16
Symposium Results_The 3rd KIPF Public Sector Accrual Accounting International Symposium 2022 Dear Audience and Participants, Thanks to all of you, the 3rd KIPF Public Sector Accrual Accounting International Symposium was successfully held. We sincerely appreciate you for attending the symposium and for providing meaningful feedback. The Government Accounting and Finance Statistics Center (hereinafter, GAFSC) of KIPF annually holds an international symposium with the purpose to develop government accounting and enhance the transparency of government finance. In 2022, the third international symposium took place with the topic of ‘Contingent Liability Management in the Public Sector’ with a special focus on Government guarantees and Indemnities. This symposium is based on the GAFSC's International Collaborative Research Project in which eminent researchers from Korea and the UK participated. In the presentation session, the following highlights were presented : ★ Korea case: Choi, Youn Sik(Professor) presented under the theme of “Current Status and Management of Contingent Liabilities in the Government Sector” Main contents were the necessity of the Contingent liabilities management system, disclosure of contingent liabilities by the central government of Korea and comparison to other countries, and lastly suggestions for improving the management system of contingent liabilities. There are inherent characteristics in management and disclosure in Korea such as insufficient disclosure regulations, absence of market discipline, and other practical difficulties. Proposals for systematic management of contingent liabilities are 1. Restructuring of notes to the government Financial Statements 2. Structuring contingency notes 3. Institutionalizing a system to improve the disclosure quality of contingent liabilities 4. Establishing a basis for quasi-market discipline outside the reporting entity. ★ The UK case: Manj Kalar(Principal Consultant) gave a presentation under the theme of “Analysing the Effect of Contingent Liability Management”Main contents were defining contingent liabilities in the UK, introducing contingent liability approval framework and government as insurer of last resort, and Contingent Liability Central Capability, and showing the lessons learnt and advice that could help other jurisdictions. The case study related to the guarantee of payment has been conducted with UK Export Finance. In this case, it was shown how to manage their risk regarding guarantees and how to define unexpected loss. Key lessons are managing data, understanding risk, retaining expertise, and providing guidance. The informative presentations were followed by meaningful panel discussions with the discussants from the Korea Institute of Public Finance, the Board of Audit and Inspection of Korea, and OECD, IPSASB. The discussants commented as follows: ★ Park, Sung JIn (Executive Director) from KIPF: From the point of view of a fiscal authority that comprehensively prepares for fiscal and risk management on a longer horizon, a broader scope of contingent liabilities than the accounting standards needs to be considered. For more faithful management of contingent liabilities, it is necessary to use an updated fiscal management system rather than general-purpose financial statements as a more conservative measurement standard. Contingent liabilities must be managed in an integrated manner not only by the central government, but also by local governments and financial/non-financial public corporations. ★ Lee, Eun Kyung(Director) from NABO: Contingent liabilities of public corporations should be managed as they can eventually lead to financial spending. In particular, Lee, Eun Kyung emphasized the importance of data and at the same time provided examples of contingent liabilities that the government missed, and commented that caution should be taken as these cases may lead to future expenditures. ★ Choi, Sung Hoon(Audit official) From BAI: Korea should better reflect the contingent liabilities of public corporations. Although the law does not explicitly state the disclosure of bonds issued by public corporations as government guarantees, these contingent liabilities must nevertheless be well disclosed in the government accounting reports. The reason for the introduction of accrual accounting is to make better use of these contingent liabilities in the future in terms of fiscal soundness. ★ Ivor Beazley(Lead) from OECD: Regarding financial reporting, multiple jurisdictions need to disclose more information, and a better narrative is needed, not just a list of disclosures. In addition, the role of international organizations such as the OECD, IPSAS, and IFAC is to promote good practice and support the management of contingent liabilities. ★ Ross Smith(Director) from IPSASB: Agreeing that the UK is a good practice for managing contingent liabilities, Ross Smith explained how public financial management can be improved through the UK’s Whole of Government Accounts. Since the disclosure of contingent liabilities on financial statements alone is not sufficient, it is recommended to refer to the IPSASB guideline (RPG1) that explains how to disclose contingent liabilities beyond financial statements. The GAFSC will continuously hold the symposium by engaging international practitioners and experts in the field of public sector accounting and public financial management. We look forward to your continuous support and participation. Once again, thank you for your invaluable time and feedback. See you all at the 4th KIPF Public Sector Accrual Accounting International Symposium in 2023! (Youtube Link) Official Youtube Channel of KIPF https://www.youtube.com/user/kipflove (Presentation Materials) Official Website for KIPF Public Sector Accrual Accounting Int’l Symposium http://en.gafsc-seminar.kr/ 2022. 12. 06
The 3rd KIPF Public Sector Accrual Accounting International Symposium 2022 Date : 2022. Nov. 3(Thu) 14:00 ~ 16:50 Live : KIPF’s official YouTube channel (live) Participation : Online pre-registration (https://en.gafsc-seminar.kr) Inquiry : T. +82-44-414-2518, yjang@kipf.re.kr 2022. 10. 19
Symposium Results_2nd KIPF Public Sector Accrual Accounting International Symposium Dear Audience and Participants, Thank you for joining the 2nd KIPF Public Sector Accrual Accounting International Symposium. We sincerely appreciate your presence during the symposium and meaningful feedbacks. The Government Accounting and Finance Statistics Center (hereinafter, GAFSC) of KIPF annually holds international symposium with the purpose to develop government accounting and enhance transparency of government finance. In 2021, the second international symposium took place with the topic of ‘The Role of Accrual Accounting in Fiscal Management’ with special focus on the Management of Fiscal Risks, as well as, Assets and Liabilities. The symposium is based on the international cooperative research project of GAFSC that this year distinguished researchers from Australia, Austria, Canada, France, New Zealand, Switzerland, and United Kingdom have joined the project. During the first day of symposium, the research results of UK, Australia, Austria and Switzerland were presented on the topic of ‘Accrual Based Management of Fiscal Risks’ and the following is the main content of each presentation : (UK) Manj Kalar introduced the development of fiscal risks report, the Office of the Budget Responsibility (OBR), the status of fiscal risks reporting and its main contents (AU) Mike Blake presented the major government reports using accrual information in Australia, and its effects in the decision making and fiscal management (AT) Bernhard Schatz discussed the composition of public financial management system in Austria and shared the results of the survey he undertook on the usage of accrual information in the management of fiscal risks (CH) Marc Wermuth presented the process of accrual evolution in the Federal Government of Switzerland, and introduced the cases of managing fiscal risks by using accrual information The informative presentations were followed by interesting panel discussion with the panelists from OECD, IPSASB, National Assembly Budget Office, Korea Public Finance Information Service and academia. The panelists commented that the country cases commonly demonstrated the usefulness of the accrual information in the identification and quantification of fiscal risks. Moreover, suggestions were made on the importance of communication, eduction, establishment of institute in charge and installation of the system using accrual information in the decision making process in order to ensure the appropriate usage of the accrual information in the management of fiscal risks. On the second day, the research results of UK, New Zealand, Canada and France were presented on the topic of ‘Accrual Based Management of Assets and Liabilities’ and each presentation can be summarized as follows : (UK) Manj Kalar presented on the development process and related organizations of the Whole of Government Accounts (WGA) of UK, and explained the effectiveness of accrual accounting through managing the statement of financial position (NZ) ThuPhuong Truong went through the overview of the public fiscal management system in New Zealand, and introduced the reports using accrual information (CA) Brian Pagan presented on the political and cultural background of the development in public financial management in Canada, and highlighted the usage of accrual information within the Federal Budget and the Public Accounts of Canada (FR) Fabienne Colignon introduced the overview of the organization of central government and financial report, and the degree of accrual usage in the financial report of social security sector Meaningful panel discussion followed with the panelists from OECD, IPSASB, Ministry of Economy and Finance, Board of Audit and Inspection of Korea, and academia. Panelists commented that the country cases informed them that the focus of the management of the statement of financial position could vary depending on countries and time period. Also, majority of the panelists were impressed by the efforts of the government organizations in ensuring the effective usage of assets and managing the liabilities especially the contingent liabilities. The Chief Director Kim, Wan Hee of GAFSC said, “Through the symposium, we aim to achieve openness in thinking and free discussion without any restrictions. To provide a venue to share and discuss the current issues of public sector accounting derived from the in-depth research outcomes. We believe that these kinds of informed symposiums will contribute for the advancement of public sector accounting system and public finance management of the world.” The GAFSC will continuously hold the symposium by engaging international practitioners and experts in the field of public sector accounting and public financial management. We look forward to your continuous support and participation. Once again, thank you for your invaluable time and feedbacks. See you all at the 3rd KIPF Public Sector Accrual Accounting International Symposium in 2022! (Youtube Link) Official Youtube Channel of KIPF https://www.youtube.com/user/kipflove (Presentation Materials) Official Website for KIPF Public Sector Accrual Accounting Int’l Symposium http://en.gafsc-seminar.kr/ 2021. 11. 23
[Brochure] Korea-Switzerland Accrual-Based Accounting Conference Mordern Public Accounting - a Comparison Korean and Swiss Approaches Best Practice in Public Financial Management to achieve excellent outcomes - Tuesday, 1 October 2019 - 9:00 am to 1:00pm, - Hotel Lotte 36 F - Seoul, South Korea ☞ https://www.zhaw.ch/index.php?id=11513 ☞ https://www.zurichmeetsseoul.org/events/modern-public-accounting-a-comparison-of-korean-and-swiss-approaches?date=2019/10/01%2009:00&sort=thematically Zurich University of Applied Sciences Korea Institute of Public Finance 2019. 11. 08
Korea-Switzerland Accrual-Based Accounting Conference Korea-Switzerland Accrual-Based Accounting Conference □ Date : 2019.10.01 □ Host : Korea Institute of Public Finance / Zurich University of Applied Science □ Theme : Best Practices in Pubic Financial Management to achieve excellent outcomes : a comparison of approaches in Switzerland and Korea □ Summary : This conference was held at the suggestion of the Swiss side as part of the international event ‘Zurich Meets Seoul’. Experts form Korea and Switzerland brought together to share achievements and best practices on public financial management through accrual-based accounting and to give their perspective on issues related to advancement in public financial management. Beginning with the welcome address by Yuchan Kim, president of KIPF, the conference introduced a presentation session and panel discussion session. Topics of the presentation session were (1) Performance-Based Steering of the State : The Swiss Case, (2) Best Practices in Public Financial Management to achieve excellent outcomes, (3) Endeavor to make use of accrual information in the central government of Korea, (4) Finance Statistics of Korea Local Governments, (5) Usefulness and limitation of accrual information to hold the government accountable in Korea. □ Group Photo □ presentation session □ panel discussion session 2019. 11. 08

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Public Financial Management,We Lead

Public Financial Management,
We Lead