In the recent past, there has been much focus on adoption of International Public Sector Accounting Standard (IPSAS) by governments. IPSAS were prepared by the International Public Sector Accounting Standards Board (IPSASB), an independent standardsetting body within the International Federation of Accountants (IFAC).
This initiative was part of the board’s strategy for the development of comprehensive high quality financial reporting standards for use by public sector entities around the world. It is anticipated that the application of the requirements of IPSASs will enhance the accountability and transparency of the fi nancial reports prepared by governments and their agencies.
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