International public sector accounting standards board

TERMS OF REFERENCE
History of the Terms of Reference

1.0 Purpose
1.1 The mission of the International Federation of Accountants (IFAC), as set out
in its constitution, is “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; promoting the value of
professional accountants worldwide; and speaking out on public interest
issues where the accountancy profession’s expertise is most relevant.” In
pursuing this mission, the IFAC Board has established the International Public
Sector Accounting Standards Board (IPSASB) to function as an independent
standard-setting body under the auspices of IFAC.
1.2 The IPSASB develops and issues, in the public interest and under its own
authority, high-quality accounting standards and other publications for use by
public sector entities around the world in the preparation of general purpose
financial reports. In this regard:
• The term “public sector” refers to national governments, regional (e.g.,
state, provincial, territorial) governments, local (e.g., city, town)
governments and related governmental entities (e.g., agencies, boards,
commissions and enterprises); and
• General purpose financial reports refers to financial reports intended to
meet the information needs of users who are unable to require the
preparation of financial reports tailored to meet their specific
information needs.
1.3 The IFAC Board has determined that designation of the IPSASB as the
responsible body under its own authority and within its stated terms of
reference, best serves the public interest in achieving this aspect of its
mission.
2.0 Objective
2.1 The IPSASB’s objective is to serve the public interest by developing highquality
accounting standards and other publications for use by public sector
entities around the world in the preparation of general purpose financial
reports.