This presentation was made by Breda Rafter, Ireland, at the 19th OECD Senior Financial Management and Reporting Officials Symposium held at the OECD Conference Centre, Paris, on 4-5 March 2019

1. Financial Reporting in Ireland
Breda Rafter
4-5 March 2019

2. 2 An Roinn Caiteachais Phoiblí agus Athchóirithe | Department of Public Expenditure and Reform
Recommendations / Benefit of Process
• Accept key findings and recommendations of OECD report
• Report provides additional weight to why we need to change to keep pace with
other OECD countries
• Consultative process bringing key stakeholders to the table e.g. Supreme Audit
Institution, our Comptroller and Auditor General
• Recommend SRSP process and OECD to other EU Member States
• Key benefits:
o Provides access to OECD vast financial reporting expertise and experience
o Learning from experiences/lessons learnt from experts and peer countries UK and
Portugal

3. 3 An Roinn Caiteachais Phoiblí agus Athchóirithe | Department of Public Expenditure and Reform
Key Challenges
• Technology – Roll out of Financial Management Shared Service (FMSS)
• Training/recruitment – professionalization of the finance/accounting functions
• Stakeholder buy in – Departments, Accounting Officers, C&AG, Parliament,
Public Accounts Committee and Central Statistics Office Phased delivery plan –
will need to be implemented in stages
• Amending legislation
• Communicating wider benefits of financial reporting reforms.
• Gaining momentum and support across Government Departments and Offices
for roll out of reforms.
• Risks that reforms limited to technical changes, missing opportunity for wider
behavioural change, to focus on VFM and cost management.

4. 4 An Roinn Caiteachais Phoiblí agus Athchóirithe | Department of Public Expenditure and Reform
Next Steps
• Ambitious project will be implemented in stages
• Phase 1 – Inception and Set up (2019)
o Blueprint / White Paper / Conceptual Framework
o Governance arrangements
o Gaps assessment
• Phase 2 – Develop Standards / Pilot testing / Training (2019-2020)
• Phase 3 – Implementation – New format for F/S, Assets and liabilities already
reported consistent with International Standards IPSASs / IFRSs. (2020-2022)

5. 5 An Roinn Caiteachais Phoiblí agus Athchóirithe | Department of Public Expenditure and Reform
How can we address Key Challenges?
• How can we effectively communicate the benefits of accrual accounting?
• How can we ensure a cultural change focusing on strategic issues such as
better management of State assets, value for money, and sustainable public
finances?
• How do we overcome the risk that that reforms limited to technical changes,
missing opportunity for wider behavioural change in relation to the public
finances?