Category: Public Sector Accounting

International Public Sector Accounting Standards (IPSASs)

1996 to 2006 - Progress and Status

August 2006

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International Public Sector Accounting Standards (IPSASs)

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It is nearly ten years since IFAC's Public Sector Committee (PSC) commenced its standards program. Since that time, 22 accrual IPSASs and a comprehensive cash basis IPSAS have been issued, a number of additional IPSASs and exposure drafts of IPSASs are being progressed and the PSC has been reconstituted as the International Public Sector Accounting Standards Board (IPSASB) with a specific mandate and focus to establish International Public Sector Accounting Standards (IPSASs). It is therefore opportune to revisit the progress that has been made on the ambitious program to develop IPSASs and have them applied by governments around the world.

This paper provides some background on IFAC and the IPSASB, outlines progress on the standards setting program and identifies opportunities and challenges to be faced in the future.