The Department adopted International Public Sector Accounting Standards (IPSAS) in 2011 as an accounting basis for reporting all Government financial operations to comply with Section 26 (formerly Section 13 of PFMA 2003) of the Public Finance Management Act (PFMA) of 2022.

The Ministry of Finance through the Department of Accountant General is responsible for overseeing the adoption of IPSAS in all Ministries and Departments.

IPSAS are a set of accounting standards developed in the 1990s by the International Public Sector Accounting Standards Board (IPSASB). IPSAS board is an independent board which was founded by the International Federation of Accountants Committee (IFAC), formed to cover all matters relating to the public sector. In 1997 the committee developed the first accrual basis IPSAS.

The benefits of adopting the IPSAS include;

Ø  Improved financial management information reporting,

‘ Transparency and accountability in the fight against fraud and corruption, data consistency and application

Ø  Improved use and management of public sector resources specifically on assets management.

‘ Comparability of financial statements within MDAs and even with other countries implementing IPSAS.