International Public Sector Accounting Standards (IPSAS), Financial Statement Fraud and Governance
Erika Meyer Events Manager
Tel: + 27 012 997 0659
Fax: + 27 012 997 7034
International Public Sector Accounting Standards are independently-developed financial reporting standards. They are widely considered best-practice for public sector organizations, as they impose the most stringent requirements of clarity and transparency IPSAS’s goal is to serve the public interest by developing high quality accounting standards for use by public sector entities around the world in the preparation of general purpose financial statements.
This will enhance the quality and transparency of public sector financial reporting and strengthen public confidence in public sector financial management. In pursuit of this objective, IPSAS supports the convergence of international and national public sector accounting standards and the convergence of accounting and statistical bases of financial reporting where appropriate. IPSAS aims to improve the quality of general purpose financial reporting by public sector entities, leading to better informed assessments of the resource allocation decisions made by governments, thereby increasing transparency and accountability. The International Public Sector Accounting Standards Board (IPSASB) issues accounting standards and other guidance relating to the financial reporting needs of national, regional and local governments, governmental agencies, and the constituencies they serve. The International Public Sector Accounting Standards (IPSAS) that have been issued by the IPSASB represent the first and only comprehensive set of authoritative international financial reporting standards for governments and other public sector entities. IPSAS are based on the International Financial Reporting Standards International Financial Reporting Standards (IFRS), formerly known as IAS. IFRS are issued by the International Accounting Standards Board (IASB) IPSAS adapts IFRS to a public sector context when appropriate. In undertaking that process, the IPSASB attempts, wherever possible, to maintain the accounting treatment and original text of the IFRS unless there is a significant public sector issue which warrants a departure.