Public sector accounting is, at present, practiced in diverse ways globally, at odds with the tenets of New Public Management to reduce bureaucracy, and to achieve comparable standards in terms of accountability, transparency and competition. The International Public Sector Accounting Standards Board (IPSASB) is engaged in the ongoing process of harmonizing public sector accounting with their International Public Sector Accounting Standards (IPSAS).
This updated second edition includes newly approved standards of the Board (IPSAS 27 to IPSAS 32), and gives a detailed update on the Conceptual Framework Project and other projects related to IPSAS and IFRS. The book provides decision-makers in the public sector with an overview of the IPSAS and the International Public Sector Accounting Standards Board.
Opening with an examination of the objectives of the standards, the book goes on to give an overview of the principles relevant to key topics such as the accrual basis of accounting as against cash basis, fair value, present value, cost, and measurement bases. Each IPSAS is distilled into a useful and accessible summary.