List Of International Public Sector Accounting Standards

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International Public Sector Accounting Standards (IPSAS) are a set of accounting standards for application by national governments or any governmental entity. These accounting standards are issued by the IPSAS Board for use by public sector entities around the world in the preparation of financial statements and are based on International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).

Aims And Objectives
  • International Public Sector Accounting Standards IPSAS is aimed at improving the quality of general purpose financial reporting by public sector entities.
  • Encouraging better informed assessments of the resource allocation decisions endorsed by governments, hence increasing transparency and accountability.

IPSAS are standards for application by national governments, regional, local, and all government-related bodies. IPSAS standards are widely accepted and used by intergovernmental organizations or institutions; however, IPSAS does not apply to government business enterprises

List Of International Public Sector Accounting Standards
  • IPSAS 1 Presentation of Financial Statements
  • IPSAS 2 Cash Flow Statements
  • IPSAS 3 Accounting Policies, Changes in Accounting Estimates and Errors
  • IPSAS 4 The Effects of Changes in Foreign Exchange Rates
  • IPSAS 5 Borrowing Costs
  • IPSAS 6 Consolidated and Separate Financial Statements
  • IPSAS 7 Investments in Associates
  • IPSAS 8 Interests in Joint Ventures
  • IPSAS 9 Revenue from Exchange Transactions
  • IPSAS 10 Financial Reporting in Hyperinflationary Economies
  • IPSAS 11 Construction Contracts
  • IPSAS 12 Inventories
  • IPSAS 13 Leases
  • IPSAS 14 Events after the Reporting Date
  • IPSAS 15 Financial Instruments: Disclosure and Presentation
  • IPSAS 16 Investment Property
  • IPSAS 17 Property, Plant, and Equipment
  • IPSAS 18 Segment Reporting
  • IPSAS 19 Provisions, Contingent Liabilities, Contingent Assets
  • IPSAS 20 Related Party Disclosures
  • IPSAS 21 Impairment of Noncash-generating Assets
  • IPSAS 22 Disclosure of Financial Information about the General Government Sector
  • IPSAS 23 Revenue from Non-Exchange Transactions (Taxes and Transfers)
  • IPSAS 24 Presentation of Budget Information in Financial Statements
  • IPSAS 25 Employee Benefits
  • IPSAS 26 Impairment of Cash-Generating Assets
  • IPSAS 27 Agriculture
  • IPSAS 28 Financial Instruments: Presentation
  • IPSAS 29 Financial Instruments: Recognition and Measurement
  • IPSAS 30 Financial Instruments: Disclosures
  • IPSAS 31 Intangible Assets
  • IPSAS 32 Service Concession Arrangements: Grantor
  • IPSAS 33 First-time Adoption of Accrual Basis IPSASs
  • IPSAS 34 Separate Financial Statements
  • IPSAS 35 Consolidated Financial Statements
  • IPSAS 36 Investments in Associates and Joint Ventures
  • IPSAS 37 Joint Arrangements
  • IPSAS 38 Disclosure of Interests in Other Entities
  • IPSAS 39 Employee Benefits
  • IPSAS 40 Public Sector Combinations
  • IPSAS 41 Financial Instruments
  • IPSAS 42 Social Benefits
  • It is worthy of note that the standards IPSAS 34 to IPSAS 38 replaced current requirements in:
  • IPSAS 6, Consolidated and Separate Financial Statements;
  • IPSAS 7, Investments in Associates; and
  • IPSAS 8, Interests in Joint Ventures.
  • These standards are effective for annual financial statements that took effect on or after 1 January 2017. The standard IPSAS 39 Employee Benefits replaced IPSAS 25 Employee Benefits on 1 January 2018.
  • IPSAS 40 Public Sector Combinations applied from January 1, 2019.
  • IPSAS 41 and 42 Financial Instruments applied from 1 January 2022, earlier adoption is permissive.

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