The Government of Zimbabwe has made a policy choice to have all public sector entities of a non-commercial nature adopt IPSAS with a target of achieving full compliance to accrual IPSAS basis of accounting by 2025 as part of wider reforms to strengthen public financial management. This article will highlight key considerations for management in taking their organization on the IPSAS implementation journey. International Public Sector Accounting Standards (IPSAS) are developed by the International Public Sector Accounting Standards Board (IPSASB) to guide preparers of financial statements in preparing general purpose financial statements for public sector entities of a non-commercial nature. IPSASB is a standard setting body under the International Federation of Accountants (IFAC). IFAC set up IPSASB
pursuant to its mission to serve the public interest by contributing to the development, adoption, and implementation of high-quality international standards and guidance, contributing to the development of strong professional accountancy organizations and accounting firms, and to high quality practices by professional accountants, among other objectives.
Download here Building blocks for successful implementation of International Public Sector Accounting Standards (IPSAS)