Supporting the global profession
Using IPSAS has the potential to radically change the practice of accounting and financial reporting in the public sector, just as IFRS has done this with public companies.
Across the world countries are in different stages of IPSAS adoption, the level of success has varied typically measured by the outcomes of the external audit process.
Challenges to adoption
Some of the current challenges pertaining to IPSAS adoption are broader change management and programme management issues; others are more basic, such as poor IT infrastructure, bad record keeping, and paucity of core accounting information under previous financial reporting practices.
Key to successful adoption
Countries adopting and implementing IPSAS need to have a clear strategy, with realistic timescales, milestones and resources.
Role of professional accountancy
Professional accountancy organisations should consider what role they can play in increasing awareness of the need for transparent financial reports in the public sector, including – but going beyond – providing training on accounting standards.
Supporting the global profession
"Implementation progress remains slower than is desirable. Specific, complex and consistent challenges have faced adopting countries, which need to be overcome."
Implementation in the spotlight
Our study examines IPSAS implementation in 29 countries across:
Asia
Africa
South America
Caribbean and Latin America
Europe