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International Public Sector Accounting Standards (IPSAS) are a set of accounting standards issued by the IPSAS Board for use by public sector entities around the world in the preparation of financial statements. These standards are based on International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).


Objective

IPSAS International Public Sector Accounting Standards (IPSAS) are a set of accounting standards issued by the IPSAS Board for use by public sector entities around the world in the preparation of financial statements. These standards are based on Interna ...
aims to improve the quality of general purpose financial reporting by public sector entities, leading to better informed assessments of the resource allocation decisions made by governments, thereby increasing transparency and accountability.


Scope

IPSAS are accounting standards for application by national governments, regional (e.g., state, provincial, territorial) governments, local (e.g., city, town) governments and related governmental entities (e.g., agencies, boards and commissions). IPSAS standards are widely used by intergovernmental organizations or institutions. IPSAS do not apply to government business enterprises.


Due process

IPSAS are issued by IPSASB ( International Public Sector Accounting Standards Board), an independent organ of IFAC (
International Federation of Accountants The International Federation of Accountants (IFAC) is the global advocacy organization for the accountancy profession; mainly for the financial accounting and auditing professions. Founded in 1977, IFAC has more than 175 members and associates i ...
). The IPSASB adopts a due process for the development of IPSAS that provides the opportunity for comment by interested parties including
auditors An audit is an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon.” Auditing ...
, preparers (including finance ministries), standard setters, and individuals. IPSASB meetings to discuss the development and to approve the issuance of IPSAS or other papers are open to the public. Agenda papers, including the minutes of the meetings of the IPSASB, are published on the IPSASB's website: www.ipsasb.org. Observers on the IPSASB meetings include ADB, EU, IASB,
IMF The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster glob ...
,
INTOSAI The International Organization of Supreme Audit Institutions (INTOSAI) is an intergovernmental organization whose members are supreme audit institutions. Nearly every supreme audit institution in the world is a member of INTOSAI. Depending on t ...
,
OECD The Organisation for Economic Co-operation and Development (OECD; french: Organisation de coopération et de développement économiques, ''OCDE'') is an intergovernmental organisation with 38 member countries, founded in 1961 to stimulate ...
, UN,
UNDP The United Nations Development Programme (UNDP)french: Programme des Nations unies pour le développement, PNUD is a United Nations agency tasked with helping countries eliminate poverty and achieve sustainable economic growth and human dev ...
and the
World Bank The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the Inte ...
.


Convergence with IFRS

IPSAS are based on the
International Financial Reporting Standards International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB). They constitute a standardised way of describing the company's f ...
(IFRS), formerly known as IAS. IFRS are issued by the International Accounting Standards Board (IASB). IPSASB adapts IFRS to a public sector context when appropriate. In undertaking that process, the IPSASB attempts, wherever possible, to maintain the accounting treatment and original text of the IFRS unless there is a significant public sector issue which warrants a departure.


Language

The approved text of IPSAS standards is that published by the IPSASB in the English language. The IPSASB Handbook has been translated from English into a number of languages, including Frenc

Spanis

German, Russian and Chinese. The Arab Society of Certified Accountants (ASCA) of Jordan issued an Arabi

version of the IPSASB Handbook. In addition, Brazil is working on translation of IPSAS into Portuguese. Se

for more information.


Features

There are 42 International standard, standards on the
accrual basis Accrual (''accumulation'') of something is, in finance, the adding together of interest or different investments over a period of time. Accruals in accounting For example, a company delivers a product to a customer who will pay for it 30 days l ...
of accounting and one standard on the cash basis of accounting (source: IPSAS Handbook published March 2011). *When the accrual basis of accounting underlies the preparation of the
financial statements Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form which is easy to un ...
, the financial statements will include: **the
statement of financial position In financial accounting, a balance sheet (also known as statement of financial position or statement of financial condition) is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a busines ...
(IPSAS 1), **the statement of financial performance (IPSAS 1), **the
cash flow statement In financial accounting, a cash flow statement, also known as ''statement of cash flows'', is a financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents, and breaks the analysis down to op ...
(IPSAS 2), **the statement of changes in net assets/equity (IPSAS 1), **the
notes to the financial statements Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form which is easy to un ...
, or annex (IPSAS 1). *When the cash basis of accounting underlies the preparation of the financial statements, the primary financial statement is **the ''statement of cash receipts and payments''.


Funding

Multilateral development banks An international financial institution (IFI) is a financial institution that has been established (or chartered) by more than one country, and hence is subject to international law. Its owners or shareholders are generally national governments, al ...
(
World Bank The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the Inte ...
, ADB) provide a substantial amount of funding for the work of IPSASB. Other sources of revenue for the development of IPSASs include funding from international, national and regional government entities. In addition, IFAC (
International Federation of Accountants The International Federation of Accountants (IFAC) is the global advocacy organization for the accountancy profession; mainly for the financial accounting and auditing professions. Founded in 1977, IFAC has more than 175 members and associates i ...
) and the CICA (
Canadian Institute of Chartered Accountants The Canadian Institute of Chartered Accountants (CICA) was incorporated by an Act of the Parliament of Canada in 1902, which later became known as the ''Canadian Institute of Chartered Accountants Act''. The CICA developed and supported accounti ...
) support the IPSASB activity.


Impact of the credit crisis on public sector accounting

The credit crisis has raised several public sector accounting issues. Governments have extended credit to banks, guaranteed the liabilities of banks, purchased impaired debt instruments and in some instances have assumed control of banks. The unique nature of the credit crisis and the unprecedented response by governments around the world has reinforced the importance of high-quality standards for financial reporting by governments. The credit crisis has increased the need for accountability in the public sector and for transparency in its financial dealings.


Adoption by intergovernmental organizations

The following
intergovernmental organizations An international organization or international organisation (see spelling differences), also known as an intergovernmental organization or an international institution, is a stable set of norms and rules meant to govern the behavior of states a ...
have adopted IPSAS or are in the process of adopting IPSAS: *Commonwealth Secretariat: Adopted IPSAS as the basis for financial reporting from 1 July 2008 i.e. Financial Year 2008–2009. Source: Commonwealth Secretariat Website 2008-09 Audited Financial Statements (Page 5 under Accounting Policies). * CoE (
Council of Europe The Council of Europe (CoE; french: Conseil de l'Europe, ) is an international organisation founded in the wake of World War II to uphold human rights, democracy and the rule of law in Europe. Founded in 1949, it has 46 member states, with a p ...
): Issues IPSAS compliant
financial statements Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form which is easy to un ...
since 2007. * EC (
European Communities The European Communities (EC) were three international organizations that were governed by the same set of institutions. These were the European Coal and Steel Community (ECSC), the European Atomic Energy Community (EAEC or Euratom), and the ...
): Issues IPSAS-similar financial statements since 2005. * ESA (
European Space Agency , owners = , headquarters = Paris, Île-de-France, France , coordinates = , spaceport = Guiana Space Centre , seal = File:ESA emblem seal.png , seal_size = 130px , image = Views in the Main Control Room (120 ...
): Aims to be IPSAS compliant by January 1, 2010. *
EUMETSAT The European Organization for the Exploitation of Meteorological Satellites (EUMETSAT) is an intergovernmental organisation created through an international convention agreed by a current total of 30 European Member States. EUMETSAT's primary ...
(European Organisation for the Exploitation of Meteorologial Satellites): Aims to be IPSAS compliant with the production of the annual accounts 2012, in March 2013. * INTERPOL (
International Criminal Police Organization The International Criminal Police Organization (ICPO; french: link=no, Organisation internationale de police criminelle), commonly known as Interpol ( , ), is an international organization that facilitates worldwide police cooperation and cri ...
): From 2007 onwards, financial statements are prepared in accordance with INTERPOL's Financial Regulations and in compliance with IPSAS. If there is a divergence between IPSAS and INTERPOL's Financial Regulations, the INTERPOL Financial Regulations have been applied. Divergences are not deemed to be significant. * ITER (
ITER ITER (initially the International Thermonuclear Experimental Reactor, ''iter'' meaning "the way" or "the path" in Latin) is an international nuclear fusion research and engineering megaproject aimed at creating energy by replicating, on Ear ...
Organization �
IO
: Issues IPSAS financial statements since 2008. * NATO (
North Atlantic Treaty Organization The North Atlantic Treaty Organization (NATO, ; french: Organisation du traité de l'Atlantique nord, ), also called the North Atlantic Alliance, is an intergovernmental military alliance between 30 member states – 28 European and two No ...
): Issues IPSAS financial statements since 2008. * OECD (
Organisation for Economic Co-operation and Development The Organisation for Economic Co-operation and Development (OECD; french: Organisation de coopération et de développement économiques, ''OCDE'') is an intergovernmental organisation with 38 member countries, founded in 1961 to stimulate ...
): Issues IPSAS-compliant financial statements since 2000, the first body in the world to do so. * BIPM (
BIPM The International Bureau of Weights and Measures (french: Bureau international des poids et mesures, BIPM) is an intergovernmental organisation, through which its 59 member-states act together on measurement standards in four areas: chemistr ...
): Issues IPSAS financial statements since 2010.


United Nations System

UN (
United Nations The United Nations (UN) is an intergovernmental organization whose stated purposes are to maintain international peace and security, develop friendly relations among nations, achieve international cooperation, and be a centre for harmoni ...
), Programmes and Funds (such as
UNDP The United Nations Development Programme (UNDP)french: Programme des Nations unies pour le développement, PNUD is a United Nations agency tasked with helping countries eliminate poverty and achieve sustainable economic growth and human dev ...
,
UNICEF UNICEF (), originally called the United Nations International Children's Emergency Fund in full, now officially United Nations Children's Fund, is an agency of the United Nations responsible for providing humanitarian and developmental aid to c ...
and
UNHCR The United Nations High Commissioner for Refugees (UNHCR) is a United Nations agency mandated to aid and protect refugees, forcibly displaced communities, and stateless people, and to assist in their voluntary repatriation, local integrat ...
), Specialized Agencies (such as
FAO The Food and Agriculture Organization of the United Nations (FAO)french: link=no, Organisation des Nations unies pour l'alimentation et l'agriculture; it, Organizzazione delle Nazioni Unite per l'Alimentazione e l'Agricoltura is an intern ...
,
ICAO The International Civil Aviation Organization (ICAO, ) is a specialized agency of the United Nations that coordinates the principles and techniques of international air navigation, and fosters the planning and development of international a ...
,
ILO The International Labour Organization (ILO) is a United Nations agency whose mandate is to advance social and economic justice by setting international labour standards. Founded in October 1919 under the League of Nations, it is the first and ol ...
,
UNIDO The United Nations Industrial Development Organization (UNIDO) (French: Organisation des Nations unies pour le développement industriel; French/Spanish acronym: ONUDI) is a specialized agency of the United Nations that assists countries in ...
,
UNESCO The United Nations Educational, Scientific and Cultural Organization is a List of specialized agencies of the United Nations, specialized agency of the United Nations (UN) aimed at promoting world peace and security through international coope ...
,
UNOPS The United Nations Office for Project Services (UNOPS) is a United Nations agency dedicated to implementing infrastructure and procurement projects for the United Nations System, international financial institutions, governments and other partne ...
and
WHO Who or WHO may refer to: * Who (pronoun), an interrogative or relative pronoun * Who?, one of the Five Ws in journalism * World Health Organization Arts and entertainment Fictional characters * Who, a creature in the Dr. Seuss book '' Horton He ...
) and Related Organizations (such as
IAEA The International Atomic Energy Agency (IAEA) is an intergovernmental organization that seeks to promote the peaceful use of nuclear energy and to inhibit its use for any military purpose, including nuclear weapons. It was established in 195 ...
,
OPCW The Organisation for the Prohibition of Chemical Weapons (OPCW) is an intergovernmental organisation and the implementing body for the Chemical Weapons Convention (CWC), which entered into force on 29 April 1997. The OPCW, with its 193 member s ...
, the
World Trade Organization The World Trade Organization (WTO) is an intergovernmental organization that regulates and facilitates international trade. With effective cooperation in the United Nations System, governments use the organization to establish, revise, and ...
, and the
World Meteorological Organization The World Meteorological Organization (WMO) is a specialized agency of the United Nations responsible for promoting international cooperation on atmospheric science, climatology, hydrology and geophysics. The WMO originated from the Inter ...
) aim to be IPSAS compliant. :*WFP (World Food Programme): WFP is the first United Nations agency to implement IPSAS. In its 2008 financial statements, WFP adopted all standards issued by the IPSAS Board including several standards prior to their effective date. :*
PNUD The United Nations Development Programme (UNDP)french: Programme des Nations unies pour le développement, PNUD is a United Nations agency tasked with helping countries eliminate poverty and achieve sustainable economic growth and human dev ...
: Adoption in progress (2009/2012) IPSAS Manager Mark Fielding-Pritchard reports that UN Women adopted in full IPSAS from 1 January 2012. This was followed by a clean audit report from UNBoA as of 31 December 2012.


Adoption by country

Many governments say they are introducing IPSAS because it is considered to be good practice. However, very few governments have actually adopted the standards. In terms of the Cash Basis IPSAS, not a single country in the world has actually adopted the standard. The main problem is the key requirement to produce consolidated financial statements for all controlled entities. Consolidating government business entities with ministries and departments would be very time-consuming, and almost all governments consider that it is not worth the very real costs. *
Afghanistan Afghanistan, officially the Islamic Emirate of Afghanistan,; prs, امارت اسلامی افغانستان is a landlocked country located at the crossroads of Central Asia and South Asia. Referred to as the Heart of Asia, it is borde ...
– Process in place to adopt IPSAS, first cash basis then accrual basis. Legislation passed. *
Abu Dhabi Abu Dhabi (, ; ar, أَبُو ظَبْيٍ ' ) is the Capital city, capital and List of cities in the United Arab Emirates, second-most populous city (after Dubai) of the United Arab Emirates. It is also the capital of the Emirate of Abu Dha ...
– Prepared 2010 financial statements in accordance with accrual accounting IPSAS for some departments and municipalities. *
Albania Albania ( ; sq, Shqipëri or ), or , also or . officially the Republic of Albania ( sq, Republika e Shqipërisë), is a country in Southeastern Europe. It is located on the Adriatic and Ionian Seas within the Mediterranean Sea and share ...
– Applies cash basis of accounting. Law requires modified cash basis of accounting (including accounts payable). Plans to adopt cash basis IPSAS with the possibility of applying accrual accounting IPSAS subsequently. *
Algeria ) , image_map = Algeria (centered orthographic projection).svg , map_caption = , image_map2 = , capital = Algiers , coordinates = , largest_city = capital , relig ...
– World Bank project for accounting and other reform includes IPSAS. *
Argentina Argentina (), officially the Argentine Republic ( es, link=no, República Argentina), is a country in the southern half of South America. Argentina covers an area of , making it the List of South American countries by area, second-largest ...
– Process in place to develop public sector accounting standards that are harmonized with accrual accounting IPSAS. *
Armenia Armenia (), , group=pron officially the Republic of Armenia,, is a landlocked country in the Armenian Highlands of Western Asia.The UNbr>classification of world regions places Armenia in Western Asia; the CIA World Factbook , , and ''O ...
– In the process of gradual transition towards accrual basis IPSAS. Draft law on public sector accounting and draft accounting standards, policies, manual and chart of accounts have been designed. *
Australia Australia, officially the Commonwealth of Australia, is a sovereign country comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands. With an area of , Australia is the largest country by ...
– Adopted full accrual accounting standards, consistent with IPSAS. The
Australian Accounting Standards Board The Australian Accounting Standards Board (AASB) is an Australian Government agency that develops and maintains financial reporting standards applicable to entities in the private and public sectors of the Australian economy. Also, the AASB cont ...
(AASB) has issued 'Australian equivalents to IFRS' (A-IFRS). The AASB has made certain amendments to the IASB pronouncements in making A-IFRS; however, these generally have the effect of eliminating an option under IFRS, introducing additional disclosures or implementing requirements for public sector entities, rather than departing from IFRS for Australian entities. Because of these amendments, the final standards as they apply to public sector entities are very similar to IPSAS. *
Austria Austria, , bar, Östareich officially the Republic of Austria, is a country in the southern part of Central Europe, lying in the Eastern Alps. It is a federation of nine states, one of which is the capital, Vienna, the most populous ...
– Process in place to adopt accrual accounting IPSAS. *
Azerbaijan Azerbaijan (, ; az, Azərbaycan ), officially the Republic of Azerbaijan, , also sometimes officially called the Azerbaijan Republic is a transcontinental country located at the boundary of Eastern Europe and Western Asia. It is a part of th ...
– The 2004 Law on Accounting requires the adoption of national public sector accounting standards based on IPSAS by public sector effective 1 January 2009. Applicable to municipalities, budget organizations and off-budget state funds, i.e. the State Oil Fund and the Social Security Fund. *
Bangladesh Bangladesh (}, ), officially the People's Republic of Bangladesh, is a country in South Asia. It is the eighth-most populous country in the world, with a population exceeding 165 million people in an area of . Bangladesh is among the mo ...
– The government of Bangladesh has expressed both commitment and willingness to adopt the cash basis IPSAS and has taken an initiative to prepare the financial statements in accordance with the cash basis IPSAS. The first set of IPSAS based statements for the core ministries (excluding specialized organizations) and the specialized organizations are planned to be produced by the fiscal year 2007-2008 and 2009-2010 respectively. The government considers the adoption of the cash basis IPSAS a point of departure towards implementing the accrual basis of accounting in the long run. *
Barbados Barbados is an island country in the Lesser Antilles of the West Indies, in the Caribbean region of the Americas, and the most easterly of the Caribbean Islands. It occupies an area of and has a population of about 287,000 (2019 estima ...
– Process in place to adopt accrual basis IPSAS. *
Belarus Belarus,, , ; alternatively and formerly known as Byelorussia (from Russian ). officially the Republic of Belarus,; rus, Республика Беларусь, Respublika Belarus. is a landlocked country in Eastern Europe. It is bordered by ...
– Applies modified cash basis. No plans to adopt IPSAS. *
Bhutan Bhutan (; dz, འབྲུག་ཡུལ་, Druk Yul ), officially the Kingdom of Bhutan,), is a landlocked country in South Asia. It is situated in the Eastern Himalayas, between China in the north and India in the south. A mountainou ...
– The department of public accounts (DPA) has notified that it will develop Royal Government of Bhutan Accounting Standards by referring to the cash basis IPSAS. The government of Bhutan has expressed a commitment to adopting the cash basis IPSAS and studying the feasibility of gradually moving to accrual basis of accounting. *
Bosnia and Herzegovina Bosnia and Herzegovina ( sh, / , ), abbreviated BiH () or B&H, sometimes called Bosnia–Herzegovina and often known informally as Bosnia, is a country at the crossroads of south and southeast Europe, located in the Balkans. Bosnia and ...
– Reports on the cash basis of accounting. No plans to adopt IPSAS. *
Botswana Botswana (, ), officially the Republic of Botswana ( tn, Lefatshe la Botswana, label= Setswana, ), is a landlocked country in Southern Africa. Botswana is topographically flat, with approximately 70 percent of its territory being the Kal ...
– Member of ESAAG ( East and Southern African Association of Accountants General). The aims of ESAAG member states include the adoption of the Cash-basis IPSAS. *
Brazil Brazil ( pt, Brasil; ), officially the Federative Republic of Brazil (Portuguese: ), is the largest country in both South America and Latin America. At and with over 217 million people, Brazil is the world's fifth-largest country by area ...
– The Federal Government of Brazil has announced plans to fully implement IPSAS by 2012. *
Bulgaria Bulgaria (; bg, България, Bǎlgariya), officially the Republic of Bulgaria,, ) is a country in Southeast Europe. It is situated on the eastern flank of the Balkans, and is bordered by Romania to the north, Serbia and North Macedo ...
– Applies modified cash basis. Some initiatives to adopt IPSAS, but no concrete plan. *
Cambodia Cambodia (; also Kampuchea ; km, កម្ពុជា, UNGEGN: ), officially the Kingdom of Cambodia, is a country located in the southern portion of the Indochinese Peninsula in Southeast Asia, spanning an area of , bordered by Thailand ...
– Process in place to adopt accrual basis IPSAS. *
Canada Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by to ...
– Applies accounting standards that are broadly consistent with IPSAS *
Cayman Islands The Cayman Islands () is a self-governing British Overseas Territory—the largest by population in the western Caribbean Sea. The territory comprises the three islands of Grand Cayman, Cayman Brac and Little Cayman, which are located to the ...
– Government has adopted accrual basis IPSAS. However, this was associated with major problems and a delay of publishing government financial statements of over five years and very critical reports from the Auditor General. *
Chile Chile, officially the Republic of Chile, is a country in the western part of South America. It is the southernmost country in the world, and the closest to Antarctica, occupying a long and narrow strip of land between the Andes to the eas ...
– For several years the Chilean Public Sector has used accrual accounting, and “Contraloría General de la República” is leading a process to converge to IPSAS *
China China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's List of countries and dependencies by population, most populous country, with a Population of China, population exceeding 1.4 billion, slig ...
– Project in place to adopt IPSAS. There is no formally announced decision. *
Cyprus Cyprus ; tr, Kıbrıs (), officially the Republic of Cyprus,, , lit: Republic of Cyprus is an island country located south of the Anatolian Peninsula in the eastern Mediterranean Sea. Its continental position is disputed; while it is ...
– Has adopted the cash basis IPSAS. *
Colombia Colombia (, ; ), officially the Republic of Colombia, is a country in South America with insular regions in North America—near Nicaragua's Caribbean coast—as well as in the Pacific Ocean. The Colombian mainland is bordered by the ...
– The government of Colombia has made a commitment to IPSAS and is working on the convergence of its national accounting standards with international standards. *
Costa Rica Costa Rica (, ; ; literally "Rich Coast"), officially the Republic of Costa Rica ( es, República de Costa Rica), is a country in the Central American region of North America, bordered by Nicaragua to the north, the Caribbean Sea to the no ...
– Government of Costa Rica mandated the use of IPSAS on October 11, 2007, by publishing Decree No. 34029-H. The process of adopting and implementing IPSAS has been undertaken by the preparation of the Official Accounting Framework for the financial and non-financial sectors of the public sector in Costa Rica. *
Croatia , image_flag = Flag of Croatia.svg , image_coat = Coat of arms of Croatia.svg , anthem = " Lijepa naša domovino"("Our Beautiful Homeland") , image_map = , map_caption = , capi ...
– Applies modified cash basis. No plans to adopt IPSAS. *
Cyprus Cyprus ; tr, Kıbrıs (), officially the Republic of Cyprus,, , lit: Republic of Cyprus is an island country located south of the Anatolian Peninsula in the eastern Mediterranean Sea. Its continental position is disputed; while it is ...
– Process in place to adopt cash basis IPSAS. * East and Southern Africa – The East and Southern African Association of Accountants General member states' aims include adoption of IPSAS. The association's member states are Botswana, Kenya, Lesotho, Malawi, Mauritius, Mozambique, Namibia, Rwanda, South Africa, Swaziland, Tanzania, Uganda, Zambia, and Zimbabwe. Funding support is provided by the Swedish International Development Cooperation Agency. See 'Tanzania' Section for updates about Tanzania. *
East Timor East Timor (), also known as Timor-Leste (), officially the Democratic Republic of Timor-Leste, is an island country in Southeast Asia. It comprises the eastern half of the island of Timor, the exclave of Oecusse on the island's north-w ...
– Has adopted the cash basis IPSAS. *
El Salvador El Salvador (; , meaning " The Saviour"), officially the Republic of El Salvador ( es, República de El Salvador), is a country in Central America. It is bordered on the northeast by Honduras, on the northwest by Guatemala, and on the south ...
– World Bank project has IPSAS adoption as one objective. *
Estonia Estonia, formally the Republic of Estonia, is a country by the Baltic Sea in Northern Europe. It is bordered to the north by the Gulf of Finland across from Finland, to the west by the sea across from Sweden, to the south by Latvia, an ...
– Process in place to adopt accrual basis IPSAS. *
Fiji Fiji ( , ,; fj, Viti, ; Fiji Hindi: फ़िजी, ''Fijī''), officially the Republic of Fiji, is an island country in Melanesia, part of Oceania in the South Pacific Ocean. It lies about north-northeast of New Zealand. Fiji consis ...
– Prepared 2009 financial statements in accordance with the cash basis IPSAS, including a consolidated statement of cash receipts and payments. *
France France (), officially the French Republic ( ), is a country primarily located in Western Europe. It also comprises of Overseas France, overseas regions and territories in the Americas and the Atlantic Ocean, Atlantic, Pacific Ocean, Pac ...
– Government has moved to accrual recently: Government financial statements were issued for the first time in 2006. They are audited by the
Cour des Comptes The ''Cour des Comptes'' ("Court of Accounts") is France's supreme audit institution, under French law an administrative court. As such, it is independent from the legislative and executive branches of the French Government. However, the 1946 an ...
(Public National Audit Office). Accounting standards are based on French GAAP for the private sector, IFRS and IPSAS. Standards are issued by the Conseil de normalisation des comptes publics (Advisory council on public sector accounting standards). *
Gambia The Gambia,, ff, Gammbi, ar, غامبيا officially the Republic of The Gambia, is a country in West Africa. It is the smallest country within mainland AfricaHoare, Ben. (2002) ''The Kingfisher A-Z Encyclopedia'', Kingfisher Publicatio ...
– In the process of adopting the cash basis IPSAS, will then move to adopt accrual basis IPSAS. *
Georgia Georgia most commonly refers to: * Georgia (country), a country in the Caucasus region of Eurasia * Georgia (U.S. state), a state in the Southeast United States Georgia may also refer to: Places Historical states and entities * Related to the ...
– Central government currently prepares budget execution reports in accordance with the cash basis of accounting. In 2007 the minister of finance decided to adopt IPSAS for central and sub-national governments, starting with the Cash-basis IPSAS, gradually adding disclosures about assets and liabilities in order to subsequently arrive at accrual accounting IPSAS. *
Germany Germany,, officially the Federal Republic of Germany, is a country in Central Europe. It is the second most populous country in Europe after Russia, and the most populous member state of the European Union. Germany is situated betwee ...
– The City of Hamburg takes IPSAS as well as IFRS and the German Handelsgesetzbuch (HGB) into consideration in preparing its accrual accounting financial statements. *
Ghana Ghana (; tw, Gaana, ee, Gana), officially the Republic of Ghana, is a country in West Africa. It abuts the Gulf of Guinea and the Atlantic Ocean to the south, sharing borders with Ivory Coast in the west, Burkina Faso in the north, and Tog ...
– the adoption of Accrual Based IPSAS was announced in 2014 as the framework for preparation, presentation and disclosure of general purpose financial statement. The implementation of the Standards is however scheduled to be completed in the year 2023. *
Guatemala Guatemala ( ; ), officially the Republic of Guatemala ( es, República de Guatemala, links=no), is a country in Central America. It is bordered to the north and west by Mexico; to the northeast by Belize and the Caribbean; to the east by Hon ...
– Process in place to adopt accrual basis IPSAS. *
Honduras Honduras, officially the Republic of Honduras, is a country in Central America. The republic of Honduras is bordered to the west by Guatemala, to the southwest by El Salvador, to the southeast by Nicaragua, to the south by the Pacific Oce ...
– Process in place to adopt accrual basis IPSAS. *
Hungary Hungary ( hu, Magyarország ) is a landlocked country in Central Europe. Spanning of the Carpathian Basin, it is bordered by Slovakia to the north, Ukraine to the northeast, Romania to the east and southeast, Serbia to the south, Cr ...
– European Union twinning project for accounting and other reform includes IPSAS. *
India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area, the List of countries and dependencies by population, second-most populous ...
– The Government Accounting Standards Advisory Board is in favor of limited adoption of cash basis IPSAS for cash transactions and corresponding accrual IPSASs for those transactions recorded on other than the cash basis. A road map has been prepared for transition from the cash to accrual accounting system and an operational framework for its implementation. The possible transition towards accrual accounting has been planned incremental and in phases spanning from 10–12 years. The central government and the majority of Indian state governments have accepted the idea of accrual accounting. The Committee on Accounting Standards for Local Bodies is reviewing IPSAS with a view to their adoption. *
Indonesia Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania between the Indian and Pacific oceans. It consists of over 17,000 islands, including Sumatra, Java, Sulawesi, and parts of Borneo and New Gui ...
– IPSAS-compliant government accounting standards is in process. Download Indonesia Central Government's Financial Statements 2008 tp://ftp1.perbendaharaan.go.id/produk/dia/lkpp/lkpp_2008_english.pdf*
Israel Israel (; he, יִשְׂרָאֵל, ; ar, إِسْرَائِيل, ), officially the State of Israel ( he, מְדִינַת יִשְׂרָאֵל, label=none, translit=Medīnat Yīsrāʾēl; ), is a country in Western Asia. It is situated ...
– On August 5, 2004 Government Resolution Number 2375 was passed as to the adoption and implementation of IPSAS by government ministries and by non-commercial statutory corporations. The Accountant General is currently leading a reform in the administration of State assets and liabilities involving the gradual adoption and implementation of IPSAS. A significant part of the data in the financial statements is presented according to Israeli Government Accounting Standards and IPSAS, but the statement of assets does not represent all the assets held by the State of Israel. *
Italy Italy ( it, Italia ), officially the Italian Republic, ) or the Republic of Italy, is a country in Southern Europe. It is located in the middle of the Mediterranean Sea, and its territory largely coincides with the homonymous geographical ...
– Cash basis system as well as modified accrual system. Process in place to adopt accrual basis IPSAS. *
Jamaica Jamaica (; ) is an island country situated in the Caribbean Sea. Spanning in area, it is the third-largest island of the Greater Antilles and the Caribbean (after Cuba and Hispaniola). Jamaica lies about south of Cuba, and west of Hispa ...
– Commitment to adopt accrual basis IPSAS and change is in process. *
Japan Japan ( ja, 日本, or , and formally , ''Nihonkoku'') is an island country in East Asia. It is situated in the northwest Pacific Ocean, and is bordered on the west by the Sea of Japan, while extending from the Sea of Okhotsk in the n ...
– Cash receipts and payments during several months after fiscal year-end are recorded and reported attributable to the prior fiscal year. The Government of Japan's consolidated financial statements are issued twelve months after the balance sheet date, whereas IPASAS 1.69 requires to issue within six months of the reporting date. Taxes are presented on the statement of changes in net assets, presuming that those are capital contributions from the taxpayers. This is a concept denied by IPSAS 23.62. The Government of Japan's statement of financial performance has no revenue, only expenses. https://www.mof.go.jp/budget/report/public_finance_fact_sheet/index.htm. *
Jordan Jordan ( ar, الأردن; tr. ' ), officially the Hashemite Kingdom of Jordan,; tr. ' is a country in Western Asia. It is situated at the crossroads of Asia, Africa, and Europe, within the Levant region, on the East Bank of the Jordan Rive ...
– The Jordanian Council of Ministers has announced plans to adopt and fully implement the International Public Sector Accounting Standards. *
Kazakhstan Kazakhstan, officially the Republic of Kazakhstan, is a transcontinental country located mainly in Central Asia and partly in Eastern Europe. It borders Russia to the north and west, China to the east, Kyrgyzstan to the southeast, Uzbeki ...
– The Government of Kazakhstan has announced that from January 1, 2013, the Republic of Kazakhstan will prepare and present public sector financial statements that comply in all material respects, with accrual basis International Public Sector Accounting Standards. Current financial reporting practice in the public sector is based on various decrees issued by the government, and the current proposal is to migrate directly to the IPSASs from the current basis. The migration process has been initiated by the Ministry of Finance with input from the National Bank. *
Kenya ) , national_anthem = " Ee Mungu Nguvu Yetu"() , image_map = , map_caption = , image_map2 = , capital = Nairobi , coordinates = , largest_city = Nairobi , ...
– Member of ESAAG (East and Southern African Association of Accountants General). The aims of ESAAG member states include the adoption of the Cash-basis IPSAS. However, like the other members of ESAAG, Kenya has not adopted the Cash Basis IPSAS. *
Kyrgyzstan Kyrgyzstan,, pronounced or the Kyrgyz Republic, is a landlocked country in Central Asia. Kyrgyzstan is bordered by Kazakhstan to the north, Uzbekistan to the west, Tajikistan to the south, and the People's Republic of China to the ea ...
– The Kyrgyz Ministry of Finance is finalizing the transition to IPSAS in line with the Kyrgyz government’s approval of an action plan to reform accounting and financial reporting in the public sector *
Kosovo Kosovo ( sq, Kosova or ; sr-Cyrl, Косово ), officially the Republic of Kosovo ( sq, Republika e Kosovës, links=no; sr, Република Косово, Republika Kosovo, links=no), is a international recognition of Kosovo, partiall ...
– Having adopted the cash-basis IPSAS in 2004, the Republic of Kosovo was among the first countries in the world to issue financial statements complying with the cash-basis IPSAS. However, government business enterprises are not consolidated. Many ministries show subsidies and transfers to these organizations, but they are not fully consolidated as required by the Cash IPSAS. These financial statements are available in English from: http://www.mef-rks.org/en/download/517-budget-reports-and-financial-statements. *
Kuwait Kuwait (; ar, الكويت ', or ), officially the State of Kuwait ( ar, دولة الكويت '), is a country in Western Asia. It is situated in the northern edge of Eastern Arabia at the tip of the Persian Gulf, bordering Iraq to Iraq–Ku ...
– The Ministry of Finance of the State of Kuwait has a project in place to implement accrual accounting IPSAS. *
Laos Laos (, ''Lāo'' )), officially the Lao People's Democratic Republic ( Lao: ສາທາລະນະລັດ ປະຊາທິປະໄຕ ປະຊາຊົນລາວ, French: République démocratique populaire lao), is a socialist s ...
– IMF and World Bank are working with the government to adopt IPSAS. *
Latvia Latvia ( or ; lv, Latvija ; ltg, Latveja; liv, Leţmō), officially the Republic of Latvia ( lv, Latvijas Republika, links=no, ltg, Latvejas Republika, links=no, liv, Leţmō Vabāmō, links=no), is a country in the Baltic region of ...
– Financial statements for central and local government and government-related entities are accrual IPSAS compliant with one exception: tax revenue. Budget execution reports are cash-based. *
Lebanon Lebanon ( , ar, لُبْنَان, translit=lubnān, ), officially the Republic of Lebanon () or the Lebanese Republic, is a country in Western Asia. It is located between Syria to the north and east and Israel to the south, while Cyprus lie ...
– Project in progress to introduce IPSAS. *
Lesotho Lesotho ( ), officially the Kingdom of Lesotho, is a country landlocked as an enclave in South Africa. It is situated in the Maloti Mountains and contains the highest mountains in Southern Africa. It has an area of over and has a population ...
– Member of ESAAG (East and Southern African Association of Accountants General). The aims of ESAAG member states include the adoption of the Cash-basis IPSAS. *
Liberia Liberia (), officially the Republic of Liberia, is a country on the West African coast. It is bordered by Sierra Leone to Liberia–Sierra Leone border, its northwest, Guinea to Guinea–Liberia border, its north, Ivory Coast to Ivory Coast� ...
– On November 19, 2009 the Liberian Minister of Finance, the Hon Augustine Ngafuan, announced the adoption of the Cash Basis IPSAS for all transactions involving the central Government of Liberia. The Minister also announced the Government's long-term goal of adopting the accrual basis IPSAS. The Cash Basis IPSAS shall be applied to prepare government financial statements to cover the fiscal year July 1, 2009 to June 30, 2010, the government will migrate to the accrual basis IPSASs over a five-year period

*
Lithuania Lithuania (; lt, Lietuva ), officially the Republic of Lithuania ( lt, Lietuvos Respublika, links=no ), is a country in the Baltic region of Europe. It is one of three Baltic states and lies on the eastern shore of the Baltic Sea. Lithuania ...
– Approved IPSAS accrual accounting standards and are preparing accrual accounting financial statements for 2010. *
North Macedonia North Macedonia, ; sq, Maqedonia e Veriut, (Macedonia before February 2019), officially the Republic of North Macedonia,, is a country in Southeast Europe. It gained independence in 1991 as one of the successor states of Socialist Feder ...
– In the process of adopting the cash basis IPSAS, will then move to adopt accrual basis IPSAS. The Agency for financial support of agriculture and rural development, as well as the National fund within the Ministry of Finance use IPSAS accrual basis for the purposes of reporting to the European Commission on the use of the IPARD (Instrument for pre-accession assistance in rural development) funds. *
Malaysia Malaysia ( ; ) is a country in Southeast Asia. The federal constitutional monarchy consists of thirteen states and three federal territories, separated by the South China Sea into two regions: Peninsular Malaysia and Borneo's East Mal ...
– The Malaysian Federal Government has adopted the cash basis IPSAS. Its financial statements for the year ended December 31, 2005 were prepared in accordance with the cash basis IPSAS, were audited by the Supreme Audit Institution of Malaysia and received an unqualified audit opinion. However, government business enterprises are not consolidated. The New Economic Model for Malaysia, which was unveiled in 2 parts in 2010, has outlined a number Strategic Reform Initiatives ("SRIs") in support of the Economic Transformation Programme, as well as various policy measures forming the bedrock of these SRIs. The adoption of accrual accounting by the public sector was listed as one of these policy measures. This recommendation has immediately prompted the Performance Management and Delivery Unit ("PEMANDU") to bring on board some of the best and brightest amongst the public sector accountants and academia, as well as technical experts representing related bodies such as the
Malaysian Institute of Accountants Malaysian Institute of Accountants (MIA) is the umbrella body for the accountancy profession in Malaysia. It was established under the Accountants Act, 1967 to regulate and develop the accountancy profession in this country. MIA operates under t ...
and the Malaysian Accounting Standards Board to draw up the transition roadmap through a six-week laboratory session. According to the roadmap, accrual accounting will be adopted in the financial reporting by the public sector with effect from 1 January 2015, using bases and policies which are consistent in all material respect with accrual basis IPSAS. *
Malawi Malawi (; or aláwi Tumbuka: ''Malaŵi''), officially the Republic of Malawi, is a landlocked country in Southeastern Africa that was formerly known as Nyasaland. It is bordered by Zambia to the west, Tanzania to the north and northe ...
– Member of ESAAG (East and Southern African Association of Accountants General). The aims of ESAAG member states include the adoption of the Cash-basis IPSAS. *
Maldives Maldives (, ; dv, ދިވެހިރާއްޖެ, translit=Dhivehi Raajje, ), officially the Republic of Maldives ( dv, ދިވެހިރާއްޖޭގެ ޖުމްހޫރިއްޔާ, translit=Dhivehi Raajjeyge Jumhooriyyaa, label=none, ), is an archipelag ...
– The Audit Act of the country allows the cash basis IPSAS to be followed albeit this is not specified in the public finance law. Process in place to adopt IPSAS. The Ministry of Finance and Treasury has been planning to introduce the IPSAS formats for statements, explanatory notes, and disclosures in 2009 as part of a public sector accounting project. *
Mauritania Mauritania (; ar, موريتانيا, ', french: Mauritanie; Berber: ''Agawej'' or ''Cengit''; Pulaar: ''Moritani''; Wolof: ''Gànnaar''; Soninke:), officially the Islamic Republic of Mauritania ( ar, الجمهورية الإسلامية ...
– Decision made to adopt IPSAS, implementation initiated. *
Mauritius Mauritius ( ; french: Maurice, link=no ; mfe, label= Mauritian Creole, Moris ), officially the Republic of Mauritius, is an island nation in the Indian Ocean about off the southeast coast of the African continent, east of Madagascar. It ...
– Member of ESAAG (East and Southern African Association of Accountants General). The aims of ESAAG member states include the adoption of the Cash-basis IPSAS. *
Moldova Moldova ( , ; ), officially the Republic of Moldova ( ro, Republica Moldova), is a landlocked country in Eastern Europe. It is bordered by Romania to the west and Ukraine to the north, east, and south. The unrecognised state of Transnistri ...
– Treasury reports on the cash basis of accounting. Considering to adopt Cash-basis IPSAS. Budget institutions apply modified accrual basis of accounting *
Mongolia Mongolia; Mongolian script: , , ; lit. "Mongol Nation" or "State of Mongolia" () is a landlocked country in East Asia, bordered by Russia to the north and China to the south. It covers an area of , with a population of just 3.3 million ...
– Paragraph 26.3 of the Management and Financing Law for Budget Entities specifies that state entities prepare financial statements on the accrual basis of accounting. The Ministry of Finance, Mongolia and the Mongolian Institute of Certified Public Accountants provide public sector entities with the current IPSASB handbook of pronouncements for this purpose. *
Montenegro ) , image_map = Europe-Montenegro.svg , map_caption = , image_map2 = , capital = Podgorica , coordinates = , largest_city = capital , official_languages = ...
– Reports on the cash basis of accounting. No plans to adopt IPSAS *
Morocco Morocco (),, ) officially the Kingdom of Morocco, is the westernmost country in the Maghreb region of North Africa. It overlooks the Mediterranean Sea to the north and the Atlantic Ocean to the west, and has land borders with Algeria to A ...
– Institution building includes IPSAS. *
Mozambique Mozambique (), officially the Republic of Mozambique ( pt, Moçambique or , ; ny, Mozambiki; sw, Msumbiji; ts, Muzambhiki), is a country located in southeastern Africa bordered by the Indian Ocean to the east, Tanzania to the north, Malawi ...
– Member of ESAAG (East and Southern African Association of Accountants General). The aims of ESAAG member states include the adoption of the Cash-basis IPSAS. *
Namibia Namibia (, ), officially the Republic of Namibia, is a country in Southern Africa. Its western border is the Atlantic Ocean. It shares land borders with Zambia and Angola to the north, Botswana to the east and South Africa to the south and ea ...
– Member of ESAAG (East and Southern African Association of Accountants General). The aims of ESAAG member states include the adoption of the Cash-basis IPSAS. *
Nepal Nepal (; ne, नेपाल ), formerly the Federal Democratic Republic of Nepal ( ne, सङ्घीय लोकतान्त्रिक गणतन्त्र नेपाल ), is a landlocked country in South Asia. It is ma ...
– There is general consensus among policy makers, accounting professionals, and international organizations on the need for Nepal to adopt the cash basis IPSAS. Nepal has been developing Nepal public sector accounting standards by referring to the cash basis IPSAS in a close collaboration between the professional accountants and government officials. Attempts are being made to change the accounting regulations in order to incorporate the mandatory use of IPSAS. Nepal has successfully completed piloting of two ministries for fiscal year 2011/12 & 2012/13 of Ministry of Physical Infrastructure and Transport & Ministry of Women, Children and Social Welfare, followed by live implementation for fiscal year 2013/14 of these two ministries. Certificate of conformance was also provided to these two ministries by ICFGM for respective years. Implementation was further extended for 31 economic entities (ministries & constitutional bodies) for fiscal year 2014/15 & 2015/16 which has also been completed by the end of 2016. Nepal has completely implemented NPSAS to all 43 economic entities (As-a-whole-of-government) in 2018. OAG format (federal, province and local government) has been approved by office of auditor general in January 2019. Implementation to provincial government is being exercised in 2019. *
Netherlands ) , anthem = ( en, "William of Nassau") , image_map = , map_caption = , subdivision_type = Sovereign state , subdivision_name = Kingdom of the Netherlands , established_title = Before independence , established_date = Spanish Netherl ...
– Government has experimented adoption of accrual basis IPSAS. The minister of Finance submitted an evaluation of this pilot to parliament in October 2008, arguing that accrual accounting is not more useful for ministries than the current commitments-cash accounting system. The Minister decided to improve the current commitments-cash accounting system and the non-financial information in the budget and the annual report. Parliament requested an analysis of experiences in accrual accounting in other countries. Accrual accounting has already been adopted by agencies, quangos and other 'business-like' organizations of government. *
New Zealand New Zealand ( mi, Aotearoa ) is an island country in the southwestern Pacific Ocean. It consists of two main landmasses—the North Island () and the South Island ()—and over 700 smaller islands. It is the sixth-largest island coun ...
– At present New Zealand public sector entities apply NZ IFRS, which include 'public benefit entity (PBE)' amendments. These PBE amendments mean that NZ IFRS, as they apply to public sector entities, are similar to IPSAS. However, New Zealand is currently considering proposals to have two sets of accounting standards: one set to be applied by entities with a for-profit objective; and another set to be applied by entities with a public benefit objective. It is proposed that this latter set of standards be based on IPSAS. Details of these proposals are available a
XRB
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Nicaragua Nicaragua (; ), officially the Republic of Nicaragua (), is the largest country in Central America, bordered by Honduras to the north, the Caribbean to the east, Costa Rica to the south, and the Pacific Ocean to the west. Managua is the coun ...
– Adopted cash basis IPSAS. *
Nigeria Nigeria ( ), , ig, Naìjíríyà, yo, Nàìjíríà, pcm, Naijá , ff, Naajeeriya, kcg, Naijeriya officially the Federal Republic of Nigeria, is a country in West Africa. It is situated between the Sahel to the north and the Gulf o ...
– In the process of adopting the cash basis IPSAS, will then move to adopt accrual basis IPSAS. This is to conform to international accounting standards. *
Norway Norway, officially the Kingdom of Norway, is a Nordic countries, Nordic country in Northern Europe, the mainland territory of which comprises the western and northernmost portion of the Scandinavian Peninsula. The remote Arctic island of ...
– Central government is piloting the change to full accrual accounting. In the pilot entities Norway applies the accrual basis IPSAS where there is no applicable Norwegian private sector accounting standard. *
Pakistan Pakistan ( ur, ), officially the Islamic Republic of Pakistan ( ur, , label=none), is a country in South Asia. It is the world's List of countries and dependencies by population, fifth-most populous country, with a population of almost 24 ...
– Adopting Cash Basis IPSAS was one of the major achievements of World Bank backed Project to Improve Financial Reporting and Auditing (PIFRA). Now the Federal Government, all Provincial Governments and District Governments are presenting their annual financial statements on Cash Basis IPSAS. The compliance with the Cash Basis IPSAS is seen as a transition path towards presenting the full accrual information. World Bank project supports this change. *
Palestinian Authority The Palestinian National Authority (PA or PNA; ar, السلطة الوطنية الفلسطينية '), commonly known as the Palestinian Authority and officially the State of Palestine,
– The 2008 financial statements are the first financial statements similar to the cash-basis IPSAS to be issued by the Palestinian Authority. Deviations from the standard include consolidation and budget information. There is an ambition to apply accrual accounting IPSAS for the 2012 financial statements. *
Peru , image_flag = Flag of Peru.svg , image_coat = Escudo nacional del Perú.svg , other_symbol = Great Seal of the State , other_symbol_type = National seal , national_motto = "Firm and Happy f ...
– In the process of adopting IPSAS. IPSAS 1 to 17 were implemented on January 1, 2004 and IPSAS Standards 18 to 21 were implemented on March 14, 2006. *
Philippines The Philippines (; fil, Pilipinas, links=no), officially the Republic of the Philippines ( fil, Republika ng Pilipinas, links=no), * bik, Republika kan Filipinas * ceb, Republika sa Pilipinas * cbk, República de Filipinas * hil, Republ ...
– Has adopted accrual accounting IPSAS. *
Romania Romania ( ; ro, România ) is a country located at the crossroads of Central Europe, Central, Eastern Europe, Eastern, and Southeast Europe, Southeastern Europe. It borders Bulgaria to the south, Ukraine to the north, Hungary to the west, S ...
– Central government has adopted the accrual basis of accounting, including some of the IPSASs, notably IPSAS 1 Presentation of Financial Statements, IPSAS 2 Cash Flow Statements, IPSAS 12 Inventories, IPSAS 17 Property, Plant and Equipment and IPSAS 19 Provisions, Contingent Liabilities and Contingent Assets. Plans include improvement of compliance with these standards and the adoption of additional IPSASs, including IPSAS 6 Consolidated and separate financial statements. *
Russia Russia (, , ), or the Russian Federation, is a transcontinental country spanning Eastern Europe and Northern Asia. It is the largest country in the world, with its internationally recognised territory covering , and encompassing one-ei ...
– Has adopted the accrual accounting IPSAS and has made significant progress towards implementation. *
Rwanda Rwanda (; rw, u Rwanda ), officially the Republic of Rwanda, is a landlocked country in the Great Rift Valley of Central Africa, where the African Great Lakes region and Southeast Africa converge. Located a few degrees south of the Equator ...
– The financial statements and accounting policies adhere, to the extent possible, to the Cash-basis IPSAS. Deviations include recognition of accounts payable (invoices for goods and services which are outstanding on the date of the closure of the fiscal year are recognized as liabilities), loans receivable and advances are recognized as assets, interest payable on public debt is accrued, and consolidation. *
Saudi Arabia Saudi Arabia, officially the Kingdom of Saudi Arabia (KSA), is a country in Western Asia. It covers the bulk of the Arabian Peninsula, and has a land area of about , making it the fifth-largest country in Asia, the second-largest in the Ara ...
– The Ministry of Finance of the Kingdom of Saudi Arabia and the Saudi Audit Bureau commissioned a study starting 2008 to evaluate the Saudi government's current financial reporting and to analyze the improvements IPSAS might bring. *
Swaziland Eswatini ( ; ss, eSwatini ), officially the Kingdom of Eswatini and formerly named Swaziland ( ; officially renamed in 2018), is a landlocked country in Southern Africa. It is bordered by Mozambique to its northeast and South Africa to its n ...
– Member of ESAAG (East and Southern African Association of Accountants General). The aims of ESAAG member states include the adoption of the Cash-basis IPSAS. *
Serbia Serbia (, ; Serbian: , , ), officially the Republic of Serbia ( Serbian: , , ), is a landlocked country in Southeastern and Central Europe, situated at the crossroads of the Pannonian Basin and the Balkans. It shares land borders with Hu ...
– Applies cash accounting. Law includes requirements to comply with Cash-basis IPSAS. *
Singapore Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, bor ...
– Adopted full accrual accounting standards, consistent with IPSAS. *
Slovak Republic Slovakia (; sk, Slovensko ), officially the Slovak Republic ( sk, Slovenská republika, links=no ), is a landlocked country in Central Europe. It is bordered by Poland to the north, Ukraine to the east, Hungary to the south, Austria to the ...
– Has adopted accrual basis IPSAS. *
Slovenia Slovenia ( ; sl, Slovenija ), officially the Republic of Slovenia (Slovene: , abbr.: ''RS''), is a country in Central Europe. It is bordered by Italy to the west, Austria to the north, Hungary to the northeast, Croatia to the southeast, and ...
– Reports on the cash basis of accounting. No plans to adopt IPSAS. In 2010 a law went into effect requiring a state balance sheet to be included in the financial statements. *
Solomon Islands Solomon Islands is an island country consisting of six major islands and over 900 smaller islands in Oceania, to the east of Papua New Guinea and north-west of Vanuatu. It has a land area of , and a population of approx. 700,000. Its capit ...
– Prepared 2009 financial statements in accordance with the cash basis IPSAS, including a consolidated statement of cash receipts and payments. *
South Africa South Africa, officially the Republic of South Africa (RSA), is the southernmost country in Africa. It is bounded to the south by of coastline that stretch along the South Atlantic and Indian Oceans; to the north by the neighbouring coun ...
– The Office of the Accountant General (OAG) issues a preparation guide on financial statements to be adopted by government departments per financial year. This guide prescribes the modified cash basis of accounting to be used by all departments. Public entities and trading entities use Generally Recognized Accounting Practice (GRAP), developed by the South African Accounting Standards Board based on IPSAS. Public/ widely held companies use IFRS. *
Spain , image_flag = Bandera de España.svg , image_coat = Escudo de España (mazonado).svg , national_motto = '' Plus ultra'' (Latin)(English: "Further Beyond") , national_anthem = (English: "Royal March") , ...
– The Spanish Ministry of Economy and Finance is implementing accrual basis IPSAS for public sector financial reporting. The Ministry plans to have implemented accrual basis IPSAS by 2011 at the latest. Spanish translation of IPSAS Handbook is available. *
Sri Lanka Sri Lanka (, ; si, ශ්‍රී ලංකා, Śrī Laṅkā, translit-std=ISO (); ta, இலங்கை, Ilaṅkai, translit-std=ISO ()), formerly known as Ceylon and officially the Democratic Socialist Republic of Sri Lanka, is an ...
– The state annual accounts are prepared in accordance with the cash basis IPSAS since 2002. The incorporation of the additional accrual disclosures in the financial statements has been seen as a first step towards the accrual-basis of accounting. The government has expressed its commitment towards adopting the accrual-basis IPSASs for accounting and budgeting. The Government of Sri Lanka has requested that the Institute of Chartered Accountants of Sri Lanka prepare suitable accrual basis accounting standards for use by public sector entities. The ICASL's Public Sector Accounting Standards Committee has begun the process of developing Sri Lankan versions of the IPSASs, as at July 2009, five standards had been completed and forwarded to the Government. *
Switzerland ). Swiss law does not designate a ''capital'' as such, but the federal parliament and government are installed in Bern, while other federal institutions, such as the federal courts, are in other cities (Bellinzona, Lausanne, Luzern, Neuchâtel ...
– Federal government is adopting IPSAS, effective from 2007. The government of the State/Canton of Geneva is similarly adopting IPSAS from 2008 and the State/Canton of Zurich from 2009. The governments of the States/Cantons of Lucerne and Berne have initiated projects adopting IPSAS, with effective dates 2012 and 2013, respectively. All States/Cantons should adopt at least a national standard called HAM2, but are allowed to go beyond and adopt IPSAS. HAM2 is based on the accrual basis accounting model HAM (1981), but converges with IPSAS in respect of presentation, recognition and disclosure. However, HAM2 has lesser requirements mainly in respect of measurement. *
Tajikistan Tajikistan (, ; tg, Тоҷикистон, Tojikiston; russian: Таджикистан, Tadzhikistan), officially the Republic of Tajikistan ( tg, Ҷумҳурии Тоҷикистон, Jumhurii Tojikiston), is a landlocked country in Centr ...
– The Public Financial Management Modernisation Programme prepared an implementation and training strategy for Tajikistan national public sector accounting standards based on IPSAS as part of an overall public sector reform strategy by the Ministry of Finance. *
Tanzania Tanzania (; ), officially the United Republic of Tanzania ( sw, Jamhuri ya Muungano wa Tanzania), is a country in East Africa within the African Great Lakes region. It borders Uganda to the north; Kenya to the northeast; Comoro Islands ...
– The Central Government, Tanzania, under the Accountant General (ACGEN) migrated to accrual based IPSAS for the year ended 30 June 2013. Local Government Authorities and other Government Entities are complying with accrual based IPSAS/IFRS respectively. For the year ended 30 June 2014, the ACGEN Office prepared for Tanzania Mainland, the first set of consolidated financial statements for the Whole-Of-Government. The Government adopted the transition provision of IPSAS 6, hence the elimination of inter-entity transactions and balances will be done for the year ending 30 June 2015. Additionally, the transitional provisions of IPSAS 17 on PPE and IPSAS 23 on Taxes have been adopted, hence the five years transitional period to 2017. *
Turkey Turkey ( tr, Türkiye ), officially the Republic of Türkiye ( tr, Türkiye Cumhuriyeti, links=no ), is a transcontinental country located mainly on the Anatolian Peninsula in Western Asia, with a small portion on the Balkan Peninsula ...
– Turkish central government started moving to modified accrual based accounting in 2003. The Public Financial Management and Control Law of 2006 require the government to adopt international accounting standards for the public sector. Based on this law, the government issued a public accounting regulation for central government entities in 2006 and established a Public Accounting Standards Board. In 2006 this Board decided to adopt IPSAS 1 through IPSAS 21 in a 6-year period (deadline is 2012). By 2011 17 standards have been adopted. *
Turkmenistan Turkmenistan ( or ; tk, Türkmenistan / Түркменистан, ) is a country located in Central Asia, bordered by Kazakhstan to the northwest, Uzbekistan to the north, east and northeast, Afghanistan to the southeast, Iran to the s ...
– As part of its public administration reform project, the Ministry of Finance prepares the adoption of accrual accounting IPSAS. *
Uganda }), is a landlocked country in East Africa. The country is bordered to the east by Kenya, to the north by South Sudan, to the west by the Democratic Republic of the Congo, to the south-west by Rwanda, and to the south by Tanzania. The ...
– Arrangements are underway to commence transition from modified cash basis of accounting to adoption of full accrual IPSAS. A phased implementation approach is planned. This will entail a phased implementation approach initially focusing on updating the legal and regulatory frame work for budgeting, financial management and reporting, review of the chart of accounts and development of comprehensive accounting policies and reporting guidelines. *
Ukraine Ukraine ( uk, Україна, Ukraïna, ) is a country in Eastern Europe. It is the second-largest European country after Russia, which it borders to the east and northeast. Ukraine covers approximately . Prior to the ongoing Russian inva ...
– Presidential decree requires government to adopt accrual accounting, but no accrual accounting standards have been adopted yet. *
United Arab Emirates The United Arab Emirates (UAE; ar, اَلْإِمَارَات الْعَرَبِيَة الْمُتَحِدَة ), or simply the Emirates ( ar, الِْإمَارَات ), is a country in Western Asia (Middle East, The Middle East). It is ...
– Process in place to adopt accrual basis IPSAS. *
United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and ...
– UK public sector applies accounting guidance that is broadly consistent with IPSAS. The accounts of the central government departments and entities in the central government and health sectors have been produced using International Financial Reporting Standards as adopted by the EU from 2009/10 onwards. IPSAS form the second level of standards in the hierarchy used in developing the IFRS-based accounting guidance, and are relied on where they cover issues not covered by IFRS or IAS, or where they provide additional guidance on interpretations or adaptations for the public sector context. Local government bodies in the UK have adopted this framework from 2010/11 onwards. *
United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., ...
– Applies accounting standards that are broadly consistent with IPSAS. *
Uruguay Uruguay (; ), officially the Oriental Republic of Uruguay ( es, República Oriental del Uruguay), is a country in South America. It shares borders with Argentina to its west and southwest and Brazil to its north and northeast; while bordering ...
– The government has mandated IPSAS for the national accounting entity. This is established in clause 21 of Decree 81, dated December 17, 2002, that gives responsibility to the National Audit Office of the Republic, to record and publish the financial statements. Decree 327/997 gives responsibility to the General Accounting Office of the Nation to draw up the General Framework for Public Accounting, including the master plan of accounts, and all related standards and to draft the financial statements for the Nation's Treasury and Public Accounts. The General Accounting Office of the Nation has not yet complied with the decree, but it is making a great effort to implement the mandate and to install a reliable accounting system. It is also preparing the government staff to become proficient in the knowledge and practical use of IPSAS. *
Uzbekistan Uzbekistan (, ; uz, Ozbekiston, italic=yes / , ; russian: Узбекистан), officially the Republic of Uzbekistan ( uz, Ozbekiston Respublikasi, italic=yes / ; russian: Республика Узбекистан), is a doubly landlocked co ...
– The Ministry of Finance of the Republic of Uzbekistan has adopted a Public Financial Management Reform Strategy 2007-2018, which has been published on www.adb. org. The Strategy states, inter alia: "Accordingly, it is planned to: promulgate new Uzbekistan public sector accounting standards in line with accrual basis IPSAS; comply with GFSM 2001; and undertake budget accounting on a cash basis reflecting the GFSM 2001 classification structure." *
Vanuatu Vanuatu ( or ; ), officially the Republic of Vanuatu (french: link=no, République de Vanuatu; bi, Ripablik blong Vanuatu), is an island country located in the South Pacific Ocean. The archipelago, which is of volcanic origin, is east of ...
– Process in place to adopt accrual basis IPSAS. *
Vietnam Vietnam or Viet Nam ( vi, Việt Nam, ), officially the Socialist Republic of Vietnam,., group="n" is a country in Southeast Asia, at the eastern edge of mainland Southeast Asia, with an area of and population of 96 million, making ...
– Process in place to adopt IPSAS with IMF and World Bank support. Translation of IPSAS in process. *
Yemen Yemen (; ar, ٱلْيَمَن, al-Yaman), officially the Republic of Yemen,, ) is a country in Western Asia. It is situated on the southern end of the Arabian Peninsula, and borders Saudi Arabia to the north and Oman to the northeast and ...
– Process in place to adopt cash basis IPSAS. *
Zambia Zambia (), officially the Republic of Zambia, is a landlocked country at the crossroads of Central, Southern and East Africa, although it is typically referred to as being in Southern Africa at its most central point. Its neighbours are t ...
– Process in place to adopt cash basis IPSAS. Member of ESAAG (East and Southern African Association of Accountants General). The aims of ESAAG member states include the adoption of the Cash-basis IPSAS. *
Zimbabwe Zimbabwe (), officially the Republic of Zimbabwe, is a landlocked country located in Southeast Africa, between the Zambezi and Limpopo Rivers, bordered by South Africa to the south, Botswana to the south-west, Zambia to the north, and ...
– Member of ESAAG (East and Southern African Association of Accountants General). The aims of ESAAG member states include the adoption of the Cash-basis IPSAS. However, the number of governments that have actually adopted the full accrual basis for the financial statements of their central government ministries is very limited. In December 2007, Mike Hathorn (then chair of the IPSAS Board) said that only six governments across the world had actually issued financial statements on the full accrual basis (at the FEE Public Sector meeting, Brussels). In September 2009, the IMF said that the following countries had adopted the full accrual basis of accounting: * Australia * Canada * Colombia * France * New Zealand * UK * US See – https://web.archive.org/web/20121005232340/http://www.eastafritac.org/images/uploads/documents_storage/Transition_to_Accrual_Accounting.pdf


See also

*
International Financial Reporting Standards International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB). They constitute a standardised way of describing the company's f ...


References


External links


Website of the International Public Sector Accounting Standards Board (IPSASB)

Converting to IPSAS (unauthorized by IFAC)

IPSAS Institute located in Bern, Switzerland (unauthorized by IFAC)
* {{in lang, de}
German IPSAS website (unauthorized by IFAC)

Implementing IPSAS (unauthorized by IFAC)
International Financial Reporting Standards