In the current “global revolution in government accounting,” International Public-Sector Accounting Standards (IPSAS) are proposed for adoption by governments around the world. After describing the nature of IPSAS, the paper discusses conceptual issues concerning system capability and internal accountability, conceptual framework, emulation of business standards, accrual basis of accounting and consolidated financial statements. The institutional issues regarding the representation on the IPSAS board and the sole oversight by the International Federation of Accountants (IFAC) are also analyzes. Setting standards is a first step on the long road of fundamentally reforming government accounting practices around the world.

1. INTERNATIONAL PUBLIC-
SECTOR ACCOUNTING
STANDARDS
Presented By
HARBINGER

2. INTRODUCTION

3. Characteristics

4. SCOPE
IPSAS are accounting standards
for application by national
governments, regional
governments, local governments
and related governmental entities
IPSAS standards are widely used
by intergovernmental
organizations or institutions
PREMISES
IPSAS are more
comprehensible if one is aware
of their underlying
assumptions. The first
assumption is that there are so
many common transactions in
the private and public sectors
that it is possible

5. ⌂Two phases of standard setting
⌂1996 to 2002
⌂2002 to present
⌂Cash basis
⌂Accrual basis
⌂Standards on Accounting Recognition
and Measurement
⌂Standards on Reporting
⌂Standards on Specific Elements of
Financial Statements..
STRUCTURE

6. There are currently four IPSAS
specific to the public sector
Impairment of non-cash
generating assets
General government sector
Revenues from non-exchange
transactions
Budget information disclosure
STANDARDS
SPECIFIC
TO THE
PUBLIC SECTOR

7. ∏Neglect of System Capability
Setting standard before agreement
Basis of Accounting
Financial Reporting issues
CONCEPTUAL
ISSUES

8. Accounting
Equation
Detail Chart
of
Accounts
Double Entry
Recording
System
Ability
to translate
Standards
Features of System Capability and
Internal Accountability

9. ⌂ Minimal Government
Accounting Principles
⌂ Foundation of
Financial Reporting
CONCEPTUAL
FRAMEWORK

10. IMPLEMENTATION OF IPSAS IN
BANGLADESH
⌂ Cash basis IPSAS
⌂ The Bangladesh accounting function
⌂ Implementation challenges

11. CONCLUSION

13. THANKS