Accrual Basis IPSAS is a principles-based accrual basis fair presentation accounting framework that is developed and maintained by the International Public Sector Accounting Standards Board (IPSASB).
Accrual Basis IPSAS requires an entity to prepare and present financial statements which include the following components:
Most IPSASs consist of International Financial Reporting Standards (IFRSs) that are modified to meet the needs of the public sector. Public sector specific IPSASs were also developed to address the following:
Financial statements may be described as complying with Accrual Basis IPSAS if they comply with all the relevant requirements and if they include additional disclosures when necessary to achieve a fair presentation.
Here is an illustrative example of financial statements prepared by applying Accrual Basis IPSAS. This version may not reflect the most recent IPSAS Accrual Basis revisions that have occurred.
Accrual Basis IPSAS may be obtained free of charge from IPSASB. You must sign up for an account on the IPSASB website which grants you access to the IPSAS handbook that contains this information. The IPSAS handbook is published in three volumes that include all IPSASB pronouncements. Accrual Basis IPSAS are presented in Volumes 1, 2, and 3.
Accrual Basis IPSAS requires an entity to prepare and present financial statements which include the following components:
- Statement of financial position
- Statement of financial performance
- Statement of changes in net assets/equity
- Cash flow statement
- When the entity makes publicly available its approved budget, a comparison of budget and actual amounts either as a separate additional financial statement or as a budget column in the financial statements
- Notes, comprising a summary of significant accounting policies and other explanatory notes; and
- Comparative information in respect of the preceeding period
Most IPSASs consist of International Financial Reporting Standards (IFRSs) that are modified to meet the needs of the public sector. Public sector specific IPSASs were also developed to address the following:
- Disclosure of financial Information about the general government sector
- Revenue from non-exchange transactions (taxes and transfers)
- Presentation of budget information in financial statements
- Service concession arrangements - grantor
- First time adoption of accrual basis IPSASs
- Public sector combinations
Financial statements may be described as complying with Accrual Basis IPSAS if they comply with all the relevant requirements and if they include additional disclosures when necessary to achieve a fair presentation.
Here is an illustrative example of financial statements prepared by applying Accrual Basis IPSAS. This version may not reflect the most recent IPSAS Accrual Basis revisions that have occurred.
Accrual Basis IPSAS may be obtained free of charge from IPSASB. You must sign up for an account on the IPSASB website which grants you access to the IPSAS handbook that contains this information. The IPSAS handbook is published in three volumes that include all IPSASB pronouncements. Accrual Basis IPSAS are presented in Volumes 1, 2, and 3.