Implementing International Accounting Standards in the Public Sector (IPSAS) as part of wider finance reform.
As a result of the global financial crisis, governments across the world are having to cope with substantial pressure due to restricted budgets and increased demand for public goods and services. As a result, public-sector entities at all levels of government are facing unprecedented demands for improvement in the management of public finances.
In response, many of these organisations are undertaking a range of reforms to increase accountability and transparency, whilst also improving operational performance and the Value for Money (VFM) that the general public and individual consumers receive from public-sector services and activities. One essential reform for improving the management of public finance is the implementation of accrual accounting compliant with International Public Sector Accounting Standards (IPSAS).