The International Public Sector Accounting Standards (IPSAS) are set of accounting standards issued by the IPSAS Board for use by Public Sector entities around the world in the preparation, presentation and disclosure of general purpose financial statements. The IPSAS trace their roots from the International Financial Reporting Standards (IFRS), where the IPSAS are tailored for the Public Sector to satisfy requirements of public sector financial operations and reporting.
The standards apply to all Public Sector entities other than Government Business Enterprise (GBS) set up for commercial purposes. Its main objective is 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 setting body the IPSAS Board (IPSASB) was established by the International Federation of Accountants, (IFAC) the global organization for the accountancy profession. The IPSAS Board has so far issued 42 Standards with over 100 countries across the globe adopting IPSAS. More than 15 countries in Africa are in various stages of implementing IPSAS. International Bodies, such as, UN, African Union and Organization of America States have adopted IPSAS.