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5 benefits a country can obtain by adopting IPSAS.

The International Public Sector Accounting Standards (IPSAS) are developed by the IPSAS Board (IPSASB), a non-UN entity. According to their publications, “The objective of the IPSASB is to serve the public interest by developing high-quality accounting standards and other publications for use by public sector entities around the world in the preparation of general purpose financial reports” .

Benefits of adopting IPSAS in any country may include:

  • It eases auditing of public sector accounts since auditing complies with single accounting standard;
  • It fosters stronger governance procedures and the framework for accounting practices in the public sector leading to overall improvement in the public financial management.

  • It improves the quality and comparability of financial information reported by the public sector entities across the world
  • It promotes transparency in the financial disclosure since stringent disclosure requirements need to be met
  • It enhances consistency in the preparation and presentation of financial information in the public sector.

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