Call for better fiscal statistics

PUBLIC trust in deficit reduction and faith in the fiscal process can only be improved with higher quality forecasts and a more long-term view of finances, a leading accountancy body claimed today.

The Institute of Chartered Accountants in England and Wales (ICAEW) is calling for greater study of the impacts of an aging population on government finances, increased independence in forecasting to remove political “wishful thinking” from publications, and greater compliance around the globe with international accounting practices.

“At a time of reduced public confidence in public spending, the accountancy profession has an important part to play in the improvement of financial discipline and to restoring credibility to government finances and taxpayer’s money,” said ICAEW chief executive Michael Izza.