Question; Think of government Ministry, Department, Board, or Agency or your choice and

explain how it comply with international public sector accounting standards.

International Public Sector Accounting Standards (IPSAS) are a set of accounting standards
issued by the International Public Sector Accounting Standards Board (IPSASB) for financial
reporting by public sector entities such as governments, governmental agencies, and other
public sector organizations. IPSAS are designed to improve transparency, accountability, and
comparability in the financial reporting of public sector entities, providing a common
framework for preparing and presenting financial statements in accordance with internationally
recognized accounting principles.

Ministry of finance is among of sector in Tanzania which comply whole international public
sector accounting standards (IPSAS). The following are points which show how Ministry of
finance comply the International Public Sector Accounting Standards (IPSAS).

Training and Capacity Building; The Ministry of Finance would provide training and support
to finance staff within government entities to ensure they understand and are able to implement
IPSAS effectively. This includes workshops, seminars, and ongoing guidance on IPSAS
requirements.

Adoption of IPSAS; The Ministry of Finance would formally adopt IPSAS as the basis for
financial reporting for all government entities under its jurisdiction. This involves
incorporating IPSAS principles into financial regulations and policies.

Monitoring and Oversight; The Ministry of Finance would establish monitoring mechanisms
to ensure compliance with IPSAS. This may involve conducting regular audits, reviews, and
assessments of financial records and reports to verify adherence to IPSAS standards.

Financial Reporting; The Ministry of Finance would ensure that all government entities prepare
financial statements in accordance with IPSAS, including proper classification, recognition,
and measurement of financial transactions. The Ministry would review and verify the accuracy
and completeness of financial reports before they are published.

Disclosure and Transparency; The Ministry of Finance would promote transparency by

ensuring that financial reports are publicly available and are disclosed in a timely manner. This
includes providing explanations of accounting policies, significant judgments, and key
financial indicators in accordance with IPSAS requirements.
Stakeholder Engagement; The Ministry of Finance would engage with stakeholders, such as
the public, oversight bodies, and international organizations, to communicate the government's
commitment to compliance with IPSAS and address any concerns or questions related to
financial reporting.

Technical Assistance; The Ministry of Finance may provide technical assistance to government
entities in implementing IPSAS, including guidance on complex accounting issues and
practical support in preparing financial statements.

Generally, Ministry of Finance plays a critical role in ensuring compliance with International
Public Sector Accounting Standards (IPSAS) within government entities. Through the
establishment of IPSAS frameworks, training programs, implementation guidelines, and
monitoring mechanisms, the Ministry of Finance can promote adherence to IPSAS
requirements. By engaging in external audits, providing technical assistance, and aligning
budgeting processes with IPSAS, the Ministry of Finance can enhance transparency,
accountability, and reliability in financial reporting. Overall, strong leadership and
commitment from the Ministry of Finance are essential in achieving and maintaining
compliance with IPSAS standards to effectively manage public finances and foster public trust.
 REFERENCE

• International Public Sector Accounting Standards Board (March 2024). "International

Public Sector Accounting Standards Board Fact Sheet".
• "Commonwealth Secretariat - Audited Accounts 2008-9". Archived from the original on
2012-09-28. Retrieved 2011-09-10.
• The financial statements of WFP are available from: "UNSystemCeb - New data available
soon". Archived from the original on 2011-10-07. Retrieved 2009-07-07.
• "International Public Sector Accounting Standards | Transparency | UNDP". Archived from
the original on 2011-11-15. Retrieved 2011-11-04.