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Overview

IPSAS are largely based on the same principles as IFRS. IFRS has been adapted taking into account the peculiarities of the public sector. This leads to a greater comparability between private and public sector financial reporting for similar transactions. IPSAS takes into account some specific guidelines and guidance for Public Sector issues which have no counterpart under IFRS, such as presentation of budget information, revenue from non-exchange transactions, etc. Below we list the main differences between IPSAS and IFRS



Scope












Basis of accounting











IPSAS

IFRS



Public sector entities

Private sector entities

● national governments

Government Business Entities (GBE)

● regional governments


● local governments


IPSAS

IFRS



Accrual Basis

Accrual Basis

Cash Basis