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November 6, 2017updated 03 Jan 2021 5:39pm

ACCA regrets slow adoption globally of accrual accounting in the public sector

by Federica Tedeschi

The Association of Chartered Certified Accountants (ACCA) has published a new report which considers the current state of the adoption of International Public Sector Accounting Standards (IPSAS) across the world and suggests that progress remains slower than is desirable.

ACCA has therefore called for governments, public sector entities and the accounting profession to work together to assist in the implementation of IPSAS worldwide.

According to the report, only few countries have successfully and seamlessly completed the enforcement of IPSAS within their area of action, particularly in Europe, followed by Africa and South & Central America, with Asia at the bottom of the list.

Further data highlighted how the adoption of IPSAS has the potential to radically change accounting and financial reporting in public sectors around the world, and particularly in developing countries.

ACCA Director of Professional Insights Maggie McGhee stressed: “The successful adoption of IPSAS can help provide greater clarity on the financial position of public sector entities around the world, delivering greater accountability and transparency, as well as supporting public bodies in improving financial decision making.”

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