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Transition to IPSAS - Achieving a successful and seamless adoption in Nigeria - Part 1

IFRS Watch - Issue 4


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The International Public Sector Accounting Standards Board (IPSASB) is an independent standard-setting board. Its operations are facilitated by the International Federation of Accountants (IFAC). However, IFAC does not develop accounting standards’.

IPSASs are being prepared for application by entities adopting the accrual basis of accounting and for application by entities adopting the cash basis of accounting. The IPSASB's  objective is to serve the public interest by developing high quality accounting standards and other publications for use by public sector entities around the world in the preparation of general purpose financial reports.

IPSASs are developed to apply across countries and jurisdictions with different political systems, different forms of government and different institutional and administrative arrangements for the delivery of services to constituents. The International Public Sector Accounting Standards Board (IPSASB) recognizes the diversity of forms of government, social and cultural traditions, and service delivery mechanisms that exist in the many jurisdictions that may adopt IPSASs.

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