IPSAS
Business & Finance abbreviation · Accounting
| Stands for | International Public Sector Accounting Standards |
|---|---|
| Categories | Business & Finance |
IPSAS stands for International Public Sector Accounting Standards, an accounting abbreviation.
Accrual-based accounting standards for governments and public-sector entities, issued by the International Public Sector Accounting Standards Board (IPSASB) and largely based on IFRS. They are used by many national governments, the United Nations system, NATO and other international organizations.
Example: The ministry's switch from cash accounting to IPSAS put roads and buildings on its balance sheet for the first time.
Usage notes
The IPSASB operates under the International Federation of Accountants (IFAC). The European Commission has worked on European Public Sector Accounting Standards (EPSAS) derived from IPSAS. Accrual accounting lets governments report liabilities such as public-sector pensions, which cash-based accounts omit.
Related abbreviations
More accounting abbreviations
- H2 – Second half
- HTM – Held to maturity
- IAS – International Accounting Standards
- IASB – International Accounting Standards Board
- ICFR – Internal control over financial reporting
- IFRS – International Financial Reporting Standards
- JE – Journal entry
- LCM – Lower of cost or market
- LIFO – Last in, first out
- MD&A – Management's discussion and analysis
- MoM – Month over month
- MTD – Month to date