The Public Interest Committee (PIC) ensures that the standard-setting activities of the International Public Sector Accounting Standards Board (IPSASB) serve the public interest. The PIC promotes transparency, accountability, and inclusivity in IPSASB's processes. Key activities include reviewing IPSASB’s terms of reference, overseeing nomination and appointment procedures, and monitoring the development of strategies and accounting standards. These efforts ensure that the views and interests of all relevant stakeholders are considered.
The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organisations that have an interest in promoting high-quality and internationally comparable financial information. It is composed of four members from the International Monetary Fund (IMF), the International Organisation of Supreme Audit Institution (INTOSAI), the Organisation for Economic Co-operation and Development (OECD) and the World Bank.
The PIC meets regularly, including with the Chair and Technical Director of IPSASB, the Chair of the IPSASB Consultative Advisory Group (CAG), the President and Chief Executive of International Federation of Accountants (IFAC) as well as its Managing Director of Professional Standards. The PIC’s recommendations provide guidance to the IPSASB and IFAC, bolstering the credibility and reliability of international public sector accounting standards. The oversight activities of the PIC centre on the following three pillars: