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In this section, you will be able access public sector information on accounting, auditing and public financial management related issues.
These are a set of accounting standards issued by the IPSAS Board for use by public sector entities around the world in the preparation of financial statements. The standards are based on International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). IPSAS aims to improve the quality of general purpose financial reporting by public sector entities, leading to better informed assessments of the resource allocation decisions made by governments, thereby increasing transparency and accountability.
IPSAS are accounting standards for financial reporting purposes by the Central and Local Governments, (e.g. the state and Councils) and related governmental entities such as agencies, boards and commissions. IPSAS standards are also widely used by intergovernmental and nonprofit organisations but they do not apply to Government Business Enterprises.
The Government of the Republic of Zambia is in process of migrating move from the cash based accounting to accrual based International Public Sector Accounting Standards (IPSAS) by the year 2020. This effectively entails that all Government Ministries, Provinces and Spending Agencies will be required to prepare financial statements under accruals IPSAS framework.
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