International Public Sector Accounting Framwork, Regulatory Agencies And Standard Setting Procedures: A Critique

Abstract

The objective of this paper is to critique public sector accounting framework, regulating agencies and standard setting procedure. This is done within the contexts of examining and critiquing (i) the conceptual and institutional framework issues  (ii) the International Public Sector Accounting Standards (IPSAS), the product of the conceptual framework, and expectedly intended to address accounting issues.Such accounting issues relate to the measurement, presentation and preparation of annual general purpose financial reports in the public sector entities other than government business entities. Against the back drop of weaknesses observed in the review of extant literature, we suggest   some reforms, including effective principles-based standards to address the multi-faceted activities of government ,including the  restructuring of IPSAS board (IPSASB.).This ,it is expected, will bring about a balance of political, economic, cultural and legal system of countries that constitute IFAC, and  a more representative IPSASB, among others.

Keywords: Public sector accounting, conceptual and institutional framework.