The PEMPAL Treasury Community of Practice (TCOP) organized a study visit for its representatives from eight countries to London, United Kingdom on September 23–25, 2013.
The main objective of the visit was to introduce to the TCOP leadership the fundamentals of UK public sector accounting and reporting as an important element of the national public finance management system. There was also an intention to explore the interest of target professional organizations based in London to establish thematic cooperation with the TCOP and contribute to its future activities.
The study visit successfully combined meetings with the representatives of HM Treasury, with visits to/from several professional organizations based in London, including International Federation of Accountants (IFAC), IPSAS Board (IPSASB) and Chartered Institute of Public Finance and Accountancy (CIPFA).
Among the topics discussed during the study visit were:
• the role of HM Treasury in the UK public finance system;
• HM Treasury approaches to spending controls;
• financial reporting practices and accounting standards used in the UK public sector;
• the UK’s approach to maintaining the standards of government finance profession;
• familiarization with the roles and functions of CIPFA, IFAC and IPSASB.
Language: The meetings were conducted in English with simultaneous interpretation into Russian.
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