More and more governments around the world are now choosing to use the International Public Sector Accounting Standards (IPSAS) in some way to shape their accounting framework.
More and more governments around the world are now choosing to use the International Public Sector Accounting Standards (IPSAS) in some way to shape their accounting framework.
The standards are issued by the International Public Sector Accounting Standards Board (IPSASB) for use by public sector entities around the world in the preparation of financial statements. They are based on International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).
Why implement IPSAS?
The IPSAS standards aim to improve the quality of general-purpose financial reporting by public sector entities. Adopting IPSAS allows public sector entities to make better informed assessments of the resource allocation decisions made by governments, which in turn:
Though the standards are not mandatory, CIPFA believes that national governments, regional (e.g., state, provincial, territorial) governments, local (e.g., city, town) governments and related governmental entities (e.g., agencies, boards and commissions), and transnational organizations can report more transparently and be better equipped to manage resources by adopting IPSAS.
CIPFA is the only professional accountancy body in the world dedicated exclusively to public finance CIPFA, the Chartered Institute of Public Finance and Accountancy, is the professional body for people in public finance.
Our 14,000 members work throughout the public services, in national audit agencies, in major accountancy firms, and in other bodies where public money needs to be effectively and efficiently managed.
As the world's only professional accountancy body to specialise in public services, CIPFA's portfolio of qualifications are the foundation for a career in public finance.
These include the benchmark professional qualification for public sector accountants as well as a postgraduate diploma for people already working in leadership positions. They are taught by our in-house CIPFA Education and Training Centre, as well as other places of learning around the world.
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Globally, CIPFA leads the way in public finance by standing up for sound public financial management and good governance. We work with donors , partner governments, accountancy bodies and the public sector around the world to advance public finance and support better public services.
These public sector accounting standards set out recognition, measurement, presentation and disclosure requirements dealing with transactions and events in the general-purpose financial statements of all public sector entities.
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