United Nations will adopt IPSASs
06 Sep 2006
The General Assembly of the United Nations (UN) has approved a financial management reform program that calls for the adoption of International Public Sector Accounting Standards (IPSASs) by the UN.
As a result, the UN will move from a system of modified accrual to full accrual. IPSASs are developed by the International Public Sector Accounting Standards Board, an independent standard-setting body within the International Federation of Accountants (IFAC). The standards set out the requirements for financial reporting by governments and other public sector organisations. Click for IFAC Press Release (PDF 78k).