The Public Finance Management Faculty is undertaking a comprehensive training of members as well as stakeholders in the Public sector on the need to get acquitted with International Public Sector Accounting Standards (IPSAS) in readiness for its adoption starting from cash-basis IPSAS in 2014 and accrual-basis IPSAS in 2016.

To assist members and interested individuals, we have provided in PDF format of all the 32 IPSAS currently in use so that members can go through them on their own before the training proper for a hitch free transition. We hope you will find them interesting.

The International Public Sector Accounting Standards Board (IPSASB) develops accounting standards for Public sector entities referred to as International Public Sector Accounting Standards (IPSASs). The IPSASB recognizes the significant benefits of achieving consistent and comparable financial information across jurisdictions and it believes that the IPSAS will play a key role in enabling these benefits to be realized by commenting on the proposals set out in its Exposure Drafts and Constitution Papers.
The IPSASB issues IPSASs dealing with financial reporting under the cash basis of accounting and the accrual basis of accounting. The accrual IPSASs are based on the International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Boards (IASB) where the requirements of those standards are applicable to the public sector. They also deal with public sector specific financial reporting issues that are not dealt with in IFRS

The Conceptual Framework for General Purpose Financial Reporting by Public Sector describes and makes explicit the concepts that are to be applied in developing International Public Sector Auditing Standards (IPSAS) and provides guidelines applicable to preparation and presentation of general purpose financial reports of public sector entities.
In developing the framework, IPSASB took cognisance of the diversity in political system, institutional and administrative arrangements that exist in different countries and jurisdictions that may adapt IPSASs.
IPSAS is currently developing the conceptual framework in phases. Phase 1, which comprises of four chapters, has first been completed. The chapters deal with the following:

Chapter    1:     Role and Authority of the Conceptual Framework
2:     Objectives and users of General Purpose Financial Reporting
3:    Quantitative Characteristics
4:      Reporting Entity
We shall continue to keep you abreast of development as work progresses.

IPSAS applies to general purpose financial statements of all public sector entities. Public sector entities generally include national, state and local governments as well as related entities such as boards, commissions and MDAs.
Kindly note that IPSASs do not apply to Government Business Enterprise; this is an entity that has the following characteristics.
•    Is an entity with the power to contract in its own name;
•    Has been assigned the financial and operational authority to carry on a business;
•    Sells good and services in the normal course of its business, to other entities at a profit or full cost recovery;
•    Is not reliant on continuing government funding to be a going concern (other than purchases of outputs at arm’s length);
•    It is controlled by a public sector entity.


The cash basis of accounting recognizes transactions and events only when cash (including cash equivalents) is received or paid by the entity. Financial Statements prepaid under cash basis provides readers with information about the sources of cash raised during the period, the purpose for which cash was raised and the cash balances at the reporting date. The measurements focus on the balances of each and changes therein.

Notes to the General Purpose Financial Statement shall provide additional information about liabilities, including payables and borrowings and non – cash assets which shall include receivables, investments and property plant and equipment.
Compliance with the requirements and recommendations of Cash Basis IPSAS ensures comprehensive and transparent financial reporting of the cash receipts, cash payments and cash balances of the entity. It also enhances comparability with the entity’s own Financial Statements of previous periods and with the financial statements of other entities which adopt the cash basis of accounting.

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