Governments and Accountancy Profession Must Work Together to Progress the Adoption of International Public Sector Accounting Standards

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Governments and Accountancy Profession Must Work Together to Progress the Adoption of International Public Sector Accounting Standards

A new report from ACCA (the Association of Chartered Certified Accountants) has actually asked for governments, public field entities and the audit occupation to work together to help in the implementation of International Public Sector Accounting Standards (IPSAS) around the world.

The report - IPSAS execution: implementation: current status & challengesnotes that the adoptionof IPSAS has the potential to drastically transform audit and monetary reporting in public markets worldwide, and especially in developing nations. However, while adoption is getting energy worldwide, progression has stayed slower than is desirable as taking on nations deal with details, complicated and regular implementation challenges.

" The successful adoption of IPSAS could help give higher clarity on the economic placement of public market entities around the world, providing better accountability and openness, in addition to sustaining public bodies in enhancing economic choice making" said Lindsay Degouve de Nuncques, Head of ACCA Middle East. "In Abu Dhabi, as an example, the Abu Dhabi Accountability Authority (ADAA)introduced the formal adoption of IPSAS. They have actually started preparing monetary declarations based on IPSAS for some departments and towns, as a result having effectively adopted this requirement (currently using cash basis IPSAS).

Additionally, the government of Dubai in line with Technique 2021 have specified that they will be embracing IPSAS, as witnessed in the Division of Financing.

However, our research also draws on the experiences of nations all over the world in the process of adopting IPSAS and suggests that progress remains slower compared to is preferable, which appears to be the case in some countries across the Middle East such as Lebanon and Jordan."

The report notes that professional book-keeping organisations need to think about the duty they can better play in raising recognition of the demand for transparent financial reporting in the general public sector, consisting of - and also surpassing - supplying training on bookkeeping criteria.

" It's time for governments, public sector entities, the users of economic reports and the book-keeping career ahead with each other to achieve our common goal: clear economic records that enhance accountability, public industry economic management and decision-making" concluded Lindsay.