Lack of transparency global challenge for public finances (2)

In the United States, accounting schools had never been so full of students and IFAC was looking at working with U.S. professional bodies to extend their capacity.

Qualified accountants with a grasp of languages could be sure of work just about anywhere in the world, said Allen, a retired partner of global accounting firm Ernst and Young in New Zealand.

Developed nations were also calling out for professional accountants to get their public accounts in order.

The Global Financial Crisis had highlighted poor public management in countries such as Greece and Spain.

"Many of them do not know what their assets or liabilities are they do not have balance sheets," said Allen.

"Spain and other nations in Europe have generous pension arrangements and future governments and taxpayers have to know what these liabilities are," he said.

"Even a major country like the United States doesn't have a totally proper system of accounting as they do not record their pension liabilities."

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