CHAPTRE THREE

INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS (IPSAS)

 The IPSAS Board is an accounting standard-setter that is dedicated to enhancing the
quality of the accounts of public sector entities. Its goal is to develop:

 standards that are convergent with international private sector standards

 specific standards for the public sector where there is no equivalent in the body of private
sector standards

Objectives of IPSASB
The objective of IPSAB is to serve the public interest by developing high quality accounting
standards and other publication for use by public sector entities around the world in the
preparation of general purpose financial report.
This is intended to enhance the quality and transparency of public sector financial reporting by
providing better information for public sector financial management and decision making. In
fulfilling its objective, the IPSASB develops and issues the following publications
 IPSAS as the standards to be applied in the preparation of general purpose financial
reports of public sector entities.
 Recommended Practice Guidelines (RPGs) to provide guidance on good practice that
public sector entities are encouraged to allow
 Studies to provide advice on financial reporting issues in the public sector.

International Public Sector Accounting Standards (IPSAS)

International Public Sector Accounting Standards (IPSAS) are issued by the international Public
Sector Accounting Standards Board (IPSASB).
The IPSASs are designed to apply to public sector entities that meet all the following criteria
1. Are responsible for the delivery of services to benefit the public and to redistribute
income and wealth
2. Mainly finance their activities directly or indirectly by means of taxes and/or transfers
from other level of government, social contributions, debts or fees
3. Do not have a primary objective to make profits

The following are full list of IPSAS

IPSAS 1—PRESENTATION OF FINANCIAL STATEMENTS
IPSAS 2—CASH FLOW STATEMENTS
IPSAS 3—ACCOUNTING POLICIES, CHANGES IN ACCOUNTING ESTIMATES AND ERRORS

1|Page
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
IPSAS 16—INVESTMENT PROPERTY
IPSAS 17—PROPERTY, PLANT, AND EQUIPMENT
IPSAS 18—SEGMENT REPORTING
IPSAS 19—PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
IPSAS 20—RELATED PARTY DISCLOSURES
IPSAS 21—IMPAIRMENT OF NON-CASH-GENERATING ASSETS
IPSAS 22—DISCLOSURE OF FINANCIAL INFORMATION ABOUT THE GENERAL
GOVERNEMENT 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

2|Page
IPSAS 33—FIRST-TIME ADOPTION OF ACCRUAL BASIS INTERNATIONAL PUBLIC SECTOR
ACCOUNTING STANDARDS (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

3|Page