IPSAS

Question 1

Ipsas Settings process

Answer 1

1. Studying of all national accounting requirements and recommended practice guidelines
2. Ipsasb issues consultation paper
3. IPSASB Issues exposure drafts to all public comments
4. IPSASB considers all public comments.
5. Preparing and issuing of IPSAS and RPG through consultation with national standard setters.

Question 2

FUNCTIONS OF THE ADOPTION OF IPSAS.

Answer 2

1. It set high quality standards for public sector entities around the world.
2. Promote acceptance and convergence of the IPSAS.
   3.Make publications and studies the support of the implementation of the IPSAS issued.
3. To confirm to international trends
4. Due to donor pressure as a requirement for borrowing.
5. To comply with regional groups requirements eg AU,EU,etc.

Question 3

BENEFITS OF THE ADOPTION/IMPLEMENTATION OF IPSAS IN GHANA

Answer 3

1. It has enhanced transparency and accountability of the financial reporting.
2. It has led to improved decision usefulness of financial information in the Ghanaian public sector.
3. It ensures comparability of financial statements among sectors and countries.
4. It has ensured better measurements of performance of public sector in terms of cost of service, efficiency and accomplishment.
5. It has also helped improve access to funding in the capital markets through bond issues.

Question 4

CHALLENGES ASSOCIATED WITH THE IMPLEMENTATION OF THE IPSAS.

Answer 4

1. Low level or no political support.
2. Lack of expertise
3. Lack of legal and legislative or regulative body.
4. High cost of implementation
5. Difficulty in identifying and valuing public asset and liabilities.