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.
Read more about this topic: International Public Sector Accounting Standards
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