ACCA-在新冠疫情中实现可持续公共财政：建议各国政府采取资产负债表法（英文）-2020.8-60页_4mb

Summary of "Sustainable Public Finances Through COVID-19"

Core Content

This report by ACCA (Association of Chartered Certified Accountants) focuses on the importance of adopting a balance-sheet approach to public financial management in response to the COVID-19 crisis. It emphasizes the need for governments to move beyond traditional economic metrics such as debt-to-GDP ratios and instead consider the full range of public sector financial instruments, including below-the-line interventions, to better understand and manage their financial positions.

The report highlights that the global economic impact of the pandemic has been unprecedented, with $9 trillion in fiscal policy responses, of which $4.6 trillion are below-the-line measures. These include loan guarantees, equity injections, and other forms of financial support that do not always show up in conventional economic indicators. As a result, the public sector net worth is a more comprehensive measure of financial health and should be central to policy decisions.

Main Recommendations

The report presents 24 key recommendations aimed at improving public financial management and promoting sustainable recovery. These include:

For Governments:

1. Focus on public sector balance sheets to manage finances effectively during and after the crisis.
2. Adopt full-accrual IPSAS for general-purpose financial reports.
3. Implement a multi-capital approach to balance sheet analysis, including natural, human, social, and physical/financial capitals.
4. Reset fiscal frameworks to include public sector net worth as a key indicator, moving beyond debt-to-GDP ratios.
5. Develop medium-term capital spending plans that support green recovery and inclusive growth.
6. Use non-authoritative guidance from the IPSAS Board on long-term financial sustainability and financial statement discussion.
7. Direct independent fiscal policy institutions to report on fiscal sustainability and ensure timely public responses.
8. Ensure proper audit and disclosure of public sector balance sheets to maintain reliability and credibility.
9. Empower Supreme Audit Institutions to conduct performance and value for money audits.
10. Apply balance-sheet mindset even in cash-based systems to improve decision-making.

For Public Finance Professionals:

1. Take a commercial approach to managing public assets.
2. Provide clear narratives and notes to accompany financial reports.
3. Consider the classification and recognition of transactions, such as grants instead of loans.
4. Apply judgement in reporting hard-to-measure assets or liabilities.
5. Analyze the impact of resource redirection on societal wellbeing and sustainability.
6. Conduct frequent fiscal stress testing to forecast negative scenarios.
7. Produce accessible summary material and ensure non-biased reporting.
8. Include trend data and outturn by policy area in financial reports.
9. Engage in global discussions on best practices in public financial reporting.
10. Prioritize risk analysis in countries not on an accrual basis, such as identifying the top 10 risks to public sector balance sheets.

Key Information

• Global Impact of the Pandemic: The pandemic has caused the most severe global recession in decades, with 93% of economies in recession in 2020.
• Fiscal Response: Governments have implemented a wide range of fiscal interventions, including furlough schemes, taxable grants, and loan guarantees, with below-the-line measures accounting for over half of all interventions in the 10 studied countries.
• Balance Sheet Impact: These interventions have significantly affected public sector net worth, with the average net worth projected to drop from -17% of GDP to -30% of GDP by 2022.
• Country-Specific Analysis: The report includes case studies from 10 countries, including the US, Japan, UK, Italy, Brazil, Canada, South Africa, Indonesia, New Zealand, and Turkey, showing the diverse effects of fiscal policies.
• Need for Transparency: Public finance professionals are crucial in ensuring transparency, accountability, and credibility in financial reporting, especially during times of economic uncertainty.

Conclusion

The report concludes that balance-sheet information is essential for informed decision-making and should be used to guide fiscal policy and recovery strategies. It calls for a shift in focus from traditional metrics to a more holistic view of public finances, including assets and liabilities, to ensure long-term sustainability and inclusive growth. Public finance professionals must play a key role in this process, ensuring accurate reporting, transparent narratives, and effective risk management.