The Association of Chartered Certified Accountants (ACCA) has published a new report examining the current situation in the world related to the implementation of International Public Sector Accounting Standards (IPSAS). The conclusions made from the report are disappointing, as the implementation of IPSAS is very slow.
According to the above information, European countries best managed the implementation of IPSAS, however, not all, but only representatives of Western Europe. They are followed by Central and South America and Africa. The worst implementation of the International Public Sector Accounting Standards is in Asian countries.
In this regard, ACCA urged Governments, public sector representatives and all accountants to work together to help with the implementation of International Public Sector Accounting Standards in international business practices as soon as possible.
According to ACCA, the introduction of IPSAS will contribute to radical changes in the areas of accounting and financial reporting in the public sector, which will stimulate further development of economies of countries that are serious about this process.
Maggie McGhee, head of ACCA on Professional Discovery, commenting on the results of the study, said: “Successful adaptation of IPSAS will help to clearly identify the financial position of public sector business entities around the world, increase their transparency and simplify the process of making managerial decisions”.