IPSAS are accounting standards for the public sector and promote harmonization with internationally recognized standards.
IPSAS are accounting standards for the public sector.
The International Public Sector Accounting Standards (IPSAS) are becoming increasingly important and prompting better and more comparable financial reporting by public sector institutions around the world. Uniform accounting principles are meant to facilitate the preparation of consolidated financial statements and make it easier to procure capital for the public sector. Because they closely follow the International Financial Reporting Standards (IFRS), IPSAS are a set of rules that is well understood and recognized the world over. These standards offer international non-profit organizations (NPOs) a valuable framework for ensuring globally transparent financial reporting. IPSAS-based financial reporting can establish trust, create transparency and also make it possible to tap new sources of funding.