These standards have now been issued by the International Accounting Standards Board (IASB): IFRS 9 Financial Instruments, IFRS 15 Revenue from Contracts with Customers and IFRS 16 Leases.. However, the public sector has its own debates raging. But considering the number of stakeholders involved and statutory & other regulatory requirements, Financial Reporting is a very important and critical task of an organization. By Ian Mackintosh, Chairman, IFAC Public Sector Committee. Through its Public Sector Committee (PSC), IFAC addresses the needs of those involved in public sector financial reporting, accounting and auditing. The FASB Chairman decides whether to add a project to the technical agenda, after consultation with FASB members and others as appropriate, and subject to oversight by the Foundation’s Board of Trustees. Under state law, the financial reporting requirements of the public sector unions are more scant than under federal law. The information included in this Revised Guide, with regard to the audit of financial statements, The guidance herein is intended to assist auditors to meet these requirements. Formed in 1986, the PSC issues International Public Sector Accounting Standards (IPSAS) which serve as “bench mark guidance (for) financial reporting and accounting in the public sector”. The board identifies a financial reporting issues based on requests/recommendations from stakeholders or through other means. Financial reporting and international accounting standards are hot topics at the moment. Memo Financial Accountability and Disclosure in the Public Sector The Background of Contemporary Public Sector Financial Accountability Traditional for-profit business organizations have always provided formal financial accountability information, mainly because stakeholders such as investors, stockholders, and partners require and expect them. Whether Government spending meets legal requirements and whether financial controls are adhered to by spending agencies Governments Economic Monitoring Authorities Whether there is deficit or surplus on current accounts the quantum, and whether to borrow or mop up liquidity in the economy It requires the reporting boundary and reporting period for the discussion and analysis to be the same as the financial statements themselves, be presented at least annually, and issued with the financial statements. chapter 3 policy and legislative requirements for financial reporting in the south african public sector 3.1 introduction 37 3.2 policy and legislative context 37 3.3 historical context 39 3.4 the constitution and public finance 42 3.5 parliamentary oversight 44 3.5.1 parliamentary portfolio committees 45 Financial Reporting involves the disclosure of financial information to the various stakeholders about the financial performance of company. 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