IFAC and IPSASB Release Tools for IPSAS Implementation

Posted 18 July 2025 Written by Acts Online
Category Financial and Accounting

Brought to you by SA Accounting Academy: The International Federation of Accountants (IFAC) and the International Public Sector Accounting Standards Board (IPSASB) have released a consolidated suite of resources to assist public sector entities in the adoption and implementation of International Public Sector Accounting Standards (IPSAS).

In accordance with the global transition toward accrual-based reporting in public financial management, the International Federation of Accountants (IFAC), in collaboration with the International Public Sector Accounting Standards Board (IPSASB), has compiled tools designed to facilitate the shift from cash to accrual accounting. These resources are intended to provide a structured approach to transparency and accountability within government frameworks.

The resource compilation focuses on several critical areas of implementation, including:

  • Advocacy for the adoption of high-quality global public sector accounting standards;
  • Capacity building within public sector entities and Professional Accountancy Organizations (PAOs);
  • Training and technical support for each stage of the implementation lifecycle; and
  • Providing better information for decision-making through accrual-based data.

The tools are specifically designed to assist governments, public sector entities, and auditors in navigating the complexities of IPSAS adoption, ensuring that financial reporting meets international benchmarks for decision-usefulness and fiscal oversight.

Click here to download the IFAC IPSAS Adoption & Implementation Tools.

What this means for you, your business, or your clients

  • For yourself: You must ensure professional competency in accrual-based IPSAS frameworks to remain eligible for public sector audit and advisory engagements as jurisdictions migrate away from cash-basis reporting.
  • For your business: Your firm should integrate these tools into its technical library to standardize the methodology used when assisting public sector clients with financial statement preparation and compliance.
  • For your clients: Public sector clients and government entities can utilize these resources to identify capacity gaps and implement a structured roadmap for IPSAS compliance, thereby reducing the risk of qualified audit opinions during the transition to accrual accounting.

Originally published at https://accountingacademy.co.za/news/read/ifac-implementing-ipsas-ifac-tools

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