Arab Today, arab today lack of transparency global challenge for public finances
Last Updated : GMT 20:02:16
Arab Today, arab today
Arab Today, arab today

Lack of transparency global challenge for public finances

Arab Today, arab today

Arab Today, arab today Lack of transparency global challenge for public finances

Wellington - XINHUA

Public financial management and a dearth of qualified accountants are posing challenges to developed and developing nations as they emerge from the Global Financial Crisis, the new head of the global accountants body warned Wednesday. Many countries were looking at possible future financial calamities or obstacles to growth because they lacked accountants to properly assess their assets and liabilities, said Warren Allen, who took up a two-year post as president of the International Federation of Accountants (IFAC) last month. IFAC, which represents 2.5 million professionally qualified accountants globally, mainly coordinates standards for auditing, accounting education and public sector accounting with 173 member bodies in 129 countries. Allen told Xinhua that training accountants would be an urgent requirement during his tenure. China alone needed another 300,000 qualified accountants in coming years and Indonesia had fewer than 50,000 accountants, with an average age over 50 and both countries were developing fast, he said. \"IFAC has a very close relationship with the Chinese Institute of Certified Public Accountants, which is a very active organization. We give them support on the international front; we give them international standards to teach their students,\" Allen said in a phone interview. In the United States, accounting schools had never been so full of students and IFAC was looking at working with U.S. professional bodies to extend their capacity. Qualified accountants with a grasp of languages could be sure of work just about anywhere in the world, said Allen, a retired partner of global accounting firm Ernst and Young in New Zealand. Developed nations were also calling out for professional accountants to get their public accounts in order. The Global Financial Crisis had highlighted poor public management in countries such as Greece and Spain. \"Many of them do not know what their assets or liabilities are they do not have balance sheets,\" said Allen. \"Spain and other nations in Europe have generous pension arrangements and future governments and taxpayers have to know what these liabilities are,\" he said. \"Even a major country like the United States doesn\'t have a totally proper system of accounting as they do not record their pension liabilities.\" The ultimate public interest priority for the IFAC was to make sure proper systems of accountability and transparency were in place in both developed and developing nations. \"Until you get a system that records where expenditure is going, that records assets and liabilities, any sort of aid money or taxpayer money, it is open to corruption and fraud,\" said Allen. \"People are not held accountable because you don\'t have proper record keeping.\" The first New Zealander to hold the IFAC presidency and a past president of the New Zealand Institute of Chartered Accountants, Allen, 61, said New Zealand had a high reputation for management of its public finances. Allen said confidence in the accounting profession had probably been at a high since the Global Financial Crisis. \"Looking at the way out, the accounting profession is absolutely key to the solution.\"

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today lack of transparency global challenge for public finances Arab Today, arab today lack of transparency global challenge for public finances

 



Arab Today, arab today
Arab Today, arab today Ideen Belmahdy happy to be part of “ Fashion Star”

GMT 17:00 2017 Sunday ,26 February

Ideen Belmahdy happy to be part of “ Fashion Star”
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 14:44 2017 Saturday ,25 February

China overtakes US as Germany’s top trade partner

GMT 05:53 2017 Saturday ,25 February

Global sovereign debt to hit new all-time high

GMT 05:17 2017 Saturday ,25 February

Oil world cautious on Trump’s next move

GMT 09:59 2017 Friday ,24 February

Baidu revenue slips anew amid ad clampdown

GMT 05:20 2017 Thursday ,23 February

WTO ratifies first multilateral trade deal
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 13:47 2017 Friday ,24 February

Rabia Fatima reveals role of "Facebook" in her career

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday