icgfm survey & results - levergood
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Presentation at ICGFM conference, May 2011TRANSCRIPT
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Global Financial Management Leaders: Responses to an Economically Challenging World
Jason LevergoodGrant Thornton LLP
International Consortium on Governmental Financial Management Annual Conference, Miami, FLMay 17, 2011 – Key Biscayne Marriot Hotel
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Agenda
• About the 2011 survey
• Impact of the crisis• Investment in infrastructure• Increasing transparency
• 2012 ICGFM survey
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About the ICGFM survey
• Sponsored by ICGFM, conducted by Grant Thornton
• Survey methodology• Anonymity• Purpose: Examine impact and
responses to economic upheaval and gain ideas for improving financial management
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Impact of the global financial crisis
• Impact• Stimulus programs
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Impact of the global financial crisis
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Impact of the global financial crisis – Stimulus programs
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Impact of the global financial crisis – Stimulus programs
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Impact of the global financial crisis – Stimulus programs
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Investment in infrastructure
• Attracting outside investment• Public private partnerships
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Investment in infrastructure – Attracting outside investment
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Investment in infrastructure – Attracting outside investment
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Investment in infrastructure – Public private partnerships
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Investment in infrastructure – Public private partnerships
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Investment in infrastructure – Public private partnerships
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Increasing transparency
• XBRL and financial management
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Increasing transparency
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Increasing transparency
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Increasing transparency
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Increasing transparency – XBRL and financial management
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Increasing transparency – XBRL and financial management
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Conclusions
• All countries have been affected by the global financial crisis– Economic growth, currency values and export revenue
• More than 60% of our respondents adopted stimulus programs – Over half believed stimulus programs to be positive
• Benchmarks for phasing out economic recovery programs included improvement in economic growth, general employment and limit to debt capacity
• Increase in spending on infrastructure was given as the number one area of focus for increased investment– Education / Transportation / Healthcare
• Combating the impact of the crisis resulted in an adoption of extraordinary polices
• More than 75% of all respondents spoke of a new commitment to increased transparency– Adoption of new standards included IAS and IPSAS
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2012 Global Financial Management Leaders Survey
• Tools of PFM Accountability– Importance and barriers– Standards– Social media– Accountability in action
• media; parliament; public auditors • Survey conducted all week
– Thank you in advance for participation!
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Thank you
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Contact
Jason LevergoodGrant Thornton LLPGlobal Public Sector333 John Carlyle Street, Suite 500Alexandria, VA 22314
P 703.637.3006E [email protected]
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Has the global financial crisis had an impact on your country?
1 2 3
95%
0%5%
1. Yes
2. No
3. Do not know/does not apply
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Has your country initiated a stimulus program?
1 2 3
69%
5%
26%
1. Yes
2. No
3. Do not know/does not apply
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Rate the success of your country's stimulus program.
1 2 3 4
21%
0%
29%
50%1. Very successful
2. Successful
3. No effect
4. Not successful
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What are the key indicators that will activate the need to unwind or end your country's stimulus program?
1 2 3 4 5 6
33%
38%
13%
0%
8%8%
1. GDP Growth2. Lower
unemployment3. Improved debt
capacity4. Inflation5. Interest rates6. Political climate
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Which areas of Infrastructure present the most critical need for investment?
1 2 3 4 5 6 7 8 9 10
49%
31%
3%
11%
0%
3%
0%0%
3%
0%
1. Education
2. Transportation
3. Healthcare
4. Energy/Renewables
5. Information Technology
6. Housing
7. Water
8. Waste treatment
9. Defense
10. Prisons
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What are your areas of focus to increase outside investment?
1 2 3 4 5
34%
24%
0%
21%21%
1. Improve necessary infrastructure
2. Improve legal system
3. Greater transparency
4. Tax incentives5. Currency Reforms
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Has your country used public private partnerships (PPPs) to find sustainable funding for infrastructure investments?
1 2 3
73%
8%
19%
1. Yes
2. No
3. Do not know/does not apply
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Please rate the success of your country's PPPs.
1 2 3
52%
19%
29%
1. Successful
2. No effect
3. Not very successful
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Why has your country not used PPPs?
1 2 3 4
45%
23%
13%
20%
1. Lack of policy and guidance
2. Lack of PPP unit to coordinate efforts on the ground
3. Political circumstances
4. Lack of interest from investors or operators
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Has your country made or renewed a strong commitment to improve public financial management transparency for your citizens?
1 2 3
93%
0%7%
1. Yes
2. No
3. Do not know/does not apply
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Has your country adopted new international standards to improve public financial management governance and transparency?
1 2 3
76%
2%
22%
1. Yes
2. No
3. Do not know/does not apply
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Which new international standards has your country adopted?
1 2 3
23%
40%
37%
1. International Auditing Standards
2. International Public Sector Accounting Standards
3. Government Financial Standards/Compliant Chart of Accounts
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Has your country adopted eXtensible Business Reporting Language (XBRL) to enhance transparency and public access to data?
1 2 3
12%
22%
66%
1. Yes
2. No
3. Do not know/does not apply
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Are there plans to adopt XBRL in the future?
1 2 3
28% 28%
44%
1. Yes
2. No
3. Do not know/does not apply