Satisfaction Through Structure
The International Federation of Accountants (IFAC) Professional Accountants in Business (PAIB) Committee conducted a survey to see how public sector organizations around the globe develop financial and nonfinancial performance measurement and reporting structures. Participants — from local councils, public utilities, and various ministries — were satisfied with performance management processes that included a balanced combination of relevant financial and nonfinancial objectives supported by respective KPIs; accrual accounting for the budgeting, appropriation, and financial reporting processes; the capability to capture, report, and process financial and nonfinancial development information; an independent external review to assess financial and nonfinancial performance; a formal structure for measuring and assessing risk and developing strategies to mitigate it; and a regularly scheduled review to ensure that the performance measurement structure remains effective and efficient.
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