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TCOP Leadership Group study visit to London

TCOP Leadership Group study visit to London. 23-25 September 2013. Goals of the study visit. Get acquainted with the role and functions of and establish thematic collaboration with selected professional accounting organizations which are based in London

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TCOP Leadership Group study visit to London

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  1. TCOP Leadership Group study visit to London 23-25 September 2013

  2. Goals of the study visit • Get acquainted with the role and functions of and establish thematic collaboration with selected professional accounting organizations which are based in London • Enable TCOP members to gain insights into the foundations of UK’s public finance management system, including i) Role of Her Majesty’s Treasury in UK’s PFM system; ii) Expenditure control approaches used by Her Majesty’s Treasury; iii) financial reporting practices and accounting standards in UK’s public sector; iv) UK’s policy to uphold the standards of the public accounting profession

  3. Meetings • HM Treasurywww.gov.uk/government/organisations/hm-treasury • IFAC www.ifac.org • CIPFA www.cipfa.org • IPSASB www.ipsasb.org

  4. Key features of UK’s PFM system

  5. Key features of UK’s PFM system (1) • High degree of decentralization, wide powers of line ministries (future plans include some elements of centralization) • Accrual accounting in budgeting, budget execution, accounting and financial reporting • Results-oriented budget (but no program classification) • IFRS as a basis of accounting (not IPSAS, transition to EPSAS being considered) • Long-term forecasting and risk appraisal (Bureau for Budget Responsibility)

  6. Key features of UK’s PFM system (2) • Focus on enhancing the skills and qualifications of public sector financial profession (special project) • Strategy to enhance professional skills • Close collaboration between the Treasury and professional training and methodology organizations

  7. Key results of the SV • Detailed information about UK’s system will be summarized in a report on the visit and posted on PEMPAL’s website at www.pempal.org • All presentations and contacts, along with Russian translations, will also be posted on the website • Tentative agreement on participation of UK’s representatives in future TCOP events

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