David Watkins spent 34 years in the UK public sector. He began his career at the National Audit Office (NAO), where he gained his Chartered Institute of Public Finance and Accountancy (CIPFA) qualification. He became a CIPFA Fellow in February 2016.

His experience in the NAO was mainly focused on auditing accruals accounts. He moved to HM Treasury in 2000, where he worked on accounting policies for Whole of Government Accounts, including social benefits and tax. Mr. Watkins became secretary to the Financial Reporting Advisory Board and developed the Government Financial Reporting Manual.

In May 2006, he became Head of Financial Reporting Policy where he led the move to International Financial Reporting Standards across central government. In September 2008, Mr. Watkins moved to the Foreign and Commonwealth Office where he held a number of roles relating to improving processes and procedures. He retired from the public service in April 2013. Since May 2013 he has been providing consultancy services relating to improving Public Financial Management and migrating to accrual based accounting, mainly in Africa.

He has been a team member on a number of IMF missions relating to improving government financial reporting. He was the Chair of CIPFA’s Accounting and Auditing Standards Panel (from May 2010 to September 2021) and was a member of the Association of Chartered Certified Accountants' Public Sector Global Forum (2007 to 2016).

The International Public Sector Accounting Standards Board has submitted to the IPSASB Governance Review Group its response to the public consultation paper on the Future Governance of the IPSASB.

The Review Group is chaired by representatives from the World Bank, International Monetary Fund, and Organization for Economic Cooperation and Development, and includes representatives from the Financial Stability Board, the International Organization of Securities Commissions and the International Organization of Supreme Audit Institutions.

This summary provides an overview of the IPSASB's Strategy Consultation 2015 Forward

The International Public Sector Accounting Standards Board (IPSASB) has published its Strategy Consultation, which includes a consultation on its work program for 2015-2019 and emphasizes the IPSASB’s commitment to serving the public interest by developing high-quality International Public Sector Accounting Standards (IPSASs) for global adoption.

The Strategy Consultation proposes the following strategic objective for the IPSASB:

• Strengthening public financial management and knowledge globally through increasing adoption of accrual-based IPSASs by: 
• Developing high-quality financial reporting standards;
• Producing publications for the public sector; and
• Raising awareness of the IPSASs and the benefits of their adoption.

“In the wake of the sovereign debt crisis, the IPSASB is facing increasing demands for its standards,” said IPSASB Chair Andreas Bergmann. “By developing high-quality financial reporting standards for the public sector, the IPSASB seeks to improve the ability of public sector entities to reflect the full economic reality of their finances. This is imperative for sound financial planning, budgeting, statistics, and basically any other decision made in public finance. Our outreach activities increase awareness of IPSASs and their benefits, which encourages their adoption.”

As the IPSASB’s public sector conceptual framework will be completed during 2014, the IPSASB aims to develop a work program for 2015-2019 that will continue to be aligned to stakeholder needs. The IPSASB is, therefore, seeking stakeholders’ views on a range of potential projects, including ones that address public sector specific issues, maintain existing IPSASs, and converge with International Financial Reporting Standards (IFRSs). The work program will continue to support the development of high-quality accounting standards and other publications, which underpin public sector entities’ financial reporting, so that the information they report will be useful for accountability and decision-making.

How to Comment
The IPSASB invites all stakeholders to comment on the IPSASB Strategy Consultation. To access the Consultation Paper or to submit a comment, please visit the IPSASB website. Comments are requested by July 31, 2014.


About the IPSASB
The IPSASB develops accounting standards and guidance for use by public sector entities. The structures and processes that support the operations of the IPSASB are facilitated by IFAC. The IPSASB receives support (both direct financial and in-kind) from the World Bank, the Asian Development Bank, the Chartered Professional Accountants of Canada, the South African Accounting Standards Board, and the governments of Canada, New Zealand, and Switzerland.

About IFAC
IFAC is the global organization for the accountancy profession, dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. It is comprised of 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.