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INTRODUCTION TO THE INTERNATIONAL PUBLIC
SECTOR ACCOUNTING STANDARDS BOARD


The 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.

 

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   



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