By Jim McFie, a Fellow of ICPAK The International Federation of Accountants (IFAC), headquartered in New York, is the global organization for the accountancy profession, dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. Through its Boards it sets international standards on Audit and Assurance, the Code of Ethics for Accountants, Education and Public Sector Accounting. The Institute of Certified Public Accountants of Kenya (ICPAK) is one of over 180 member and associate institutes in more than 135 countries and jurisdictions. These institutes represent over 3 million accountants. IFAC institute members must comply with the Statements of Membership Obligations (SMOs), which ensure the adoption of these international standards. IFAC’s work includes promoting quality assurance for accountants worldwide. The International Public Sector Accounting Standards Board (IPSASB), which is supported by IFAC, has recently initiated updates to IPSAS 22, Disclosure of Financial Information About the General Government Sector. In early 2026, IPSASB issued Exposure Draft (ED) 94, Linkages Between IPSAS Standards and the Government Finance Statistics Manual 2014 (Amendments to IPSAS 22). The proposed changes aim to strengthen the link between IPSAS accounting standards and the Government Finance Statistics Manual 2014 (GFSM 2014), helping governments use audited accounting data to create statistical reports.  The Government Finance Statistics Manual 2014 (GFSM 2014) is a comprehensive framework published by the International Monetary Fund (IMF) designed to compile, report, and analyze fiscal data for the general government and public sectors. It provides international standards for recording revenue, expense, assets, and liabilities on an accrual basis to enhance fiscal transparency, policy evaluation, and international comparability. The purpose of GFSM 2014 is to provide accurate data for evaluating government fiscal health, monitoring debt, and conducting economic surveillance, particularly in response to the 2007–09 financial crisis. GFSM 2014 is aligned with the 2008 System of National Accounts