IPSAS Explained: A Summary of International Public Sector Accounting Standards, 2nd Edition

1 The International Public Sector Accounting Standards Board

1.1 General information

The International Public Sector Accounting Standards—IPSASs for short—govern the accounting by public sector entities, with the exception of Government Business Enterprises. According to the IPSASB regulations, Government Business Enterprises should apply the International Financial Reporting Standards (IFRSs) issued by the IASB, as do private sector entities. IPSASs are developed by the International Public Sector Accounting Standards Board (IPSASB). It is an independent board founded by the International Federation of Accountants (IFAC) to develop and publish IPSASs.

The IFAC is an international organization for the accountancy profession. It was founded in 1977 and is domiciled in New York. According to the bylaws of the International Federation of Accountants, its mission is as follows: “to serve the public interest by contributing to the development, adoption and implementation of high-quality international standards and guidance; contributing to the development of strong professional accountancy organizations and accounting firms, and to high-quality practices by professional accountants; promoting the value of professional accountants worldwide; and speaking out on public interest issues where the accountancy profession's expertise is most relevant.” The IFAC had this in mind when it established the Public Sector Committee (PSC) in 1986 as a standing technical committee. The PSC initially ...