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Accounting Standards for the Public Sector

International Accounting Standards

IPSAS – International Public Sector Accounting Standards    

Compliance with the IPSAS standards guarantees that the financial reporting of public bodies conveys what is termed a “true and fair view” of the financial situation. IPSAS accommodates features characteristic of the public sector.

 

Although the IPSAS standards are based on the IAS standards for private companies, they were adapted to the requirements of the public sector. The IPSAS standards are defined by the International Federation of Accountants (IFAC), a private federation. Therefore, the standards have no legally binding force. The elaboration of the standards was, however, promoted and financed in the majority by the International Monetary Fund and the World Bank.

 

Regional Accounting Standards

GASB – Governmental Accounting Standards Board 
The mission of the Governmental Accounting Standards Board is to establish and improve standards of U.S. state and local governmental accounting and financial reporting that will result in useful information for users of financial reports and guide and educate the public, including issuers, auditors, and users of those financial reports.

 

FASAB – Federal Accounting Standards Advisory Board 
The mission of the FASAB is to promulgate U.S. federal accounting standards after considering the financial and budgetary information needs of citizens, congressional oversight groups, executive agencies, and the needs of other users of federal financial information. Accounting and financial reporting standards are essential for public accountability and for an efficient and effective functioning of our democratic system of government. Thus, federal accounting standards and financial reporting play a major role in fulfilling the government's duty to be publicly accountable and can be used to assess (1) the government's accountability and its efficiency and effectiveness, and (2) the economic, political, and social consequences of the allocation and various uses of federal resources.

 

FSIO – Financial Systems Integration Office (Formerly JFMIP) 
The Financial Systems Integration Office (FSIO) within the General Services Administration was formerly known as the Joint Financial Management Improvement Program (JFMIP) staff office. In December 2004, the JFMIP Principals voted to modify the roles and responsibilities of the JFMIP. The FSIO has three major areas of responsibilities: 1. Core financial systems requirements development, testing and product certification; 2. Supporting the Federal financial community on priority projects; and 3. Conducting outreach through an annual financial management conference and other related activities.

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