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INTRODUCTION TO THE INTERNATIONAL PUBLIC
SECTOR ACCOUNTING STANDARDS BOARD
International Public Sector Accounting Standards Board (IPSASB)
develops accounting standards for public sector entities referred
to as International Public Sector Accounting Standards (IPSASs).
The IPSASB recognizes the significant benefits of achieving
consistent and comparable financial information across
jurisdictions and it believes that the IPSASs will play a key role
in enabling these benefits to be realized. The IPSASB strongly
encourages governments and national standard-setters to engage in
the development of its Standards by commenting on the proposals
set out in its Exposure Drafts and Consultation Papers.
The IPSASB issues IPSASs dealing with
financial reporting under the cash basis of accounting and the
accrual basis of accounting. The accrual IPSASs are based on the
International Financial Reporting Standards (IFRSs), issued by the
International Accounting Standards Board (IASB) where the
requirements of those Standards are applicable to the public
sector. They also deal with public sector specific financial
reporting issues that are not dealt with in IFRSs.
The adoption of IPSASs by governments
will improve both the quality and comparability of financial
information reported by public sector entities around the world.
The IPSASB recognizes the right of governments and national
standardsetters to establish accounting standards and guidelines for
financial reporting in their jurisdictions. The IPSASB encourages
the adoption of IPSASs and the harmonization of national
requirements with IPSASs. Financial statements should be
described as complying with IPSASs only if they comply with all the
requirements of each applicable IPSAS.