ICAEW concludes series on IPSAS vs IFRS
26 Nov 2021
Over the recent months, the Institute of Chartered Accountants in England and Wales (ICAEW) published a series of reviews of major standards looking at the differences between International Financial Reporting Standards (IFRS) and International Public Sector Accounting Standards (IPSASB), and the suitability of each in public sector financial reporting. The fourth and final part of the series has now been released.
When introducing the series, ICAEW noted that IFRS are internationally recognised and widely adopted which brings about consistency in financial statements which in turn facilitates cross border comparability and understandability. On the other hand, IPSAS are designed for public sector entities whose main objectives are to provide goods and services to benefit society and to redistribute wealth. Therefore, the ICAEW series looked into the question what is the better choice of standards if a government were to adopt accrual accounting now.
The complete series of in-depth reviews can now be accessed on the ICAEW website:
