IPSAS to be adopted by UN

News Article - 09 June 2009
Category: Business

The United Nations (UN) is coordinating the implementation of International Public Sector Accounting Standards (IPSAS) across all its agencies.

Procedures are being overseen by the UN task force on Accounting Standards, which is monitoring the development of timetables before IPSAS will be adopted by all UN branches and agencies, except peacekeeping operations, before 2010.

According to a UN task force note, IPSAS was "deemed appropriate as it addresses the international and not-for-profit nature of United Nations System organisations and is consistent with current financial reporting best practice and future financial reporting trends."

The note explains that the project was undertaken to review existing accounting standards, to include IAS [International Accounting Standards], IPSAS and UNSAS [United Nations Standby Arrangements System] as well as those standards keep by non-profit organisations, to recommend a standard which could be adopted by the UN "together with implications for each organisation".

IPSAS standards are produced by the International Public Sector Accounting Standards Board - a part of the International Federation of Accountants which represents 163 accounting bodies across 120 countries.

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