ABSTRACT
International Public Sector Accounting Standards (IPSAS) are global generally accepted accounting principles (GAAP) developed to increase the fiscal transparency and comparability of financial reporting by government. They are recommended for adoption by the accounting profession and many international organizations for more effective monitoring of fiscal risk and promoting greater political and fiscal accountability. On the basis of the principles of accrual accounting, these standards call for the preparation of a suite of government-wide financial statements that report financial position, financial performance, and cash flows, and the disclosure of other relevant fiscal information. In addition to fundamental accounting concepts, an overview of the standards is presented, along with guides to updates and other information sources. The obstacles to the adoption of internationally uniform standards and the controversies of who should oversee the standard-setting process are discussed. Public officials who are concerned about how the finances of their government are measured and communicated should be aware of the impacts of national, and now international, government accounting standards.
