Building Blocks to Better PFM toolkit by ICAEW

Published date: July 29, 2017

ICAEW (Institute of Chartered Accountants in England and Wales) recently published a new framework guidance document titled ‘Building Blocks to Better PFM – A Cash to Accruals Accounting Toolkit’ as part of its ‘Better Government Series’.

The toolkit sets out six ‘building blocks’ as the foundation to improve the quality of financial reporting and public financial management (PFM). This practical ‘how to’ guide brings together information that is relevant to the implementation of large projects using generally accepted tools and standards of project management.

The toolkit is intended for government entities that have made the decision to implement accruals accounting, including potential sponsors of a project and all those charged with the delivery of such a project. It is also a useful guide for policymakers, standard setters, senior administrative officials, auditors or regulators who will have some involvement in the project. The toolkit is also relevant to countries whose governments are still planning their transition as well as those already part-way through the process.

CAPA works actively with many professional accountancy organisations (PAOs) in the Asia Pacific to influence the development of public sector financial management, as it is one of the key focus areas for the organisation. CAPA believes that the accountancy profession has a role to play in protecting the public interest and encouraging accountability and transparency from governments around the world.

CAPA commends the ICAEW for having the foresight to develop useful materials and tools to assist governments in improving their PFM, such as this Building Blocks to Better PFM publication.

“This publication is a good reference material and very much aligned to the work that CAPA’s Public Sector Financial Management Committee is currently undertaking. We would suggest this publication to PAOs that are involved in assisting their governments implement accruals accounting or have a role to play in influencing their governments move from cash to accruals basis accounting,” Chief Executive, Brian Blood, commented.

To read a summary of the Building Blocks publication and for information on how to obtain a copy, visit the ICAEW website at:

For other ICAEW publications under the Better Government Series, go to: