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IPSAS Presentation

IPSAS are global accounting standards for the public sector designed to improve transparency and accountability. They cover areas like financial statements, assets, liabilities, revenue, and expenses. The IPSASB develops and maintains IPSAS. Adopting IPSAS can improve decision making but requires cultural and systems changes.

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33 views

IPSAS Presentation

IPSAS are global accounting standards for the public sector designed to improve transparency and accountability. They cover areas like financial statements, assets, liabilities, revenue, and expenses. The IPSASB develops and maintains IPSAS. Adopting IPSAS can improve decision making but requires cultural and systems changes.

Uploaded by

gczdkcvhv5
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as KEY, PDF, TXT or read online on Scribd
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Introduction to IPSAS

IPSAS, or International Public Sector Accounting Standards,


are a set of high-quality global financial reporting standards
designed specifically for the public sector. These standards
aim to improve the quality, consistency, and transparency of
public sector financial reporting worldwide.

by Phub Gyeltshen
Overview of IPSAS
Scope Governance Adoption

IPSAS covers a wide The IPSAS standards are IPSAS is adopted


range of financial developed and voluntarily by
reporting areas, including maintained by the governments and public
financial statements, International Public sector entities around
accounting for assets Sector Accounting the world to enhance
and liabilities, revenue Standards Board financial transparency
and expenses, and more. (IPSASB), an independent and accountability.
standard-setting body.
Objectives and Principles of
IPSAS
1 Accountability 2 Decision-Making
IPSAS aims to improve accountability IPSAS financial reporting supports
and transparency in the use of public informed decision-making by
resources. governments and the public.

3 Comparability 4 Accrual Basis


IPSAS promotes consistency and IPSAS is based on the accrual basis
comparability of financial of accounting, which provides a more
information across different public comprehensive and accurate picture
sector entities. of an organization's financial position
and performance.
IPSAS vs. IFRS
IPSAS Reporting
Requirements
Financial Statements Disclosures
IPSAS requires the preparation of a IPSAS emphasizes the importance of
comprehensive set of financial detailed disclosures to provide a clear
statements, including a statement of and transparent picture of an
financial position, statement of organization's financial position and
financial performance, and cash flow performance.
statement.

Consolidation Auditing
IPSAS provides guidance on the IPSAS reports are subject to external
consolidation of financial statements auditing to ensure the reliability and
for public sector entities with accuracy of the financial information
controlled entities, such as government presented.
agencies and departments.
Challenges and Considerations in IPSAS
Adoption

1 Cultural Shift 2 Data and Systems


Transitioning from a cash-based to Governments may need to invest in
an accrual-based accounting system new accounting systems and
can require a significant cultural processes to capture and report the
shift within the organization. necessary financial data required by
IPSAS.

3 Capacity Building 4 Legal and Regulatory


Alignment
Implementing IPSAS often requires Aligning existing legal and regulatory
extensive training and capacity frameworks with IPSAS requirements
building for finance professionals to can be a complex and time-
ensure they have the necessary consuming process.
skills and knowledge.
Benefits of IPSAS
Adoption
Transparency Accountability Informed Decisions Global
Harmonization
IPSAS promotes IPSAS financial IPSAS-compliant
greater reporting supports financial IPSAS adoption
transparency in increased information contributes to the
the use of public accountability and enables more harmonization of
resources and the oversight of public informed decision- public sector
reporting of sector entities. making by financial reporting
financial governments and practices globally.
information. the public.
Development of IPSAS in Bhutan

22nd Board Meeting ,AASBB (7 November 2023)


Aqenda item No.22.06.
Express concern about IPSAS
Decesion :
AASBB will write to MoF Clarify that AASBB is the responsible agency and mandates to be transfer to
AASBB.

23rd Board Meeting of AASBB (27 march 2024)


Agenda item 23.04.
Objective of discussion was to establish clear roles and responsibilities between AASBB and DTA in promulgation
and adoption of APSAS.
Decesion;
AASBB will Adopt, issue, Review and updates IPSAS standards and DTA will implement ,ensure consistency and
provided feedbacks on the standards.

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