International Public Sector Accounting Standards - Features of IPSAS

Features of IPSAS

There are 31 standards on the accrual basis 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, the financial statements will include:
    • the statement of financial position (IPSAS 1),
    • the statement of financial performance (IPSAS 1),
    • the cash flow statement (IPSAS 2),
    • the statement of changes in net assets/equity (IPSAS 1),
    • the notes to the financial statements, 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.

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