Category: Uncategorized
-
First-time adoption is a standard procedure required for all entities adopting IPSAS or IFRS for the first time as the mandatory first step towards full IPSAS or IFRS adoption and compliance. The First-Time Adoption process constitutes an important part of IPSAS Transition Management. Even if a public sector entity is newly created, some rudimentary financial…
-
Although both IFRS and IPSAS have provided the relevant implementation guidelines under the First-Time Adoption of the standards (IFRS 1 and IPSAS 33), these guidelines are not far-reaching enough to address local issues and challenges associated with their implementation. That is why each jurisdiction must develop a custom framework for implementing these standards. The steps…