The IPSASB develops standards for accounting and financial reporting by national, regional and local governments and related governmental agencies. Those standards, known as International Public Sector Accounting Standards (or IPSAS) are generally based on IFRSs, and profit-oriented government business enterprises are required to comply directly with IFRSs. We have posted the April 2005 issue of IPSASB Update, the first issue of IFAC's public sector newsletter since the reorganisation of the PSC into the IPSASB. The newsletter reports the decisions made at the IPSASB's March 2005 meeting and includes a review of the IPSASB's current work programme. Click: