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ИД «Финансы и кредит»






Finance and Credit

Studying the global use of international public sector accounting standards

Vol. 26, Iss. 11, NOVEMBER 2020

Received: 24 September 2020

Received in revised form: 8 October 2020

Accepted: 22 October 2020

Available online: 27 November 2020

Subject Heading: Financial system

JEL Classification: M41, M48

Pages: 2524–2541


Chertkova A.V. Perm State National Research University (PSU), Perm, Russian Federation

ORCID id: not available

Subject. The article analyzes the international application of the International Public Sector Accounting Standards (IPSAS) so as to evaluate and use successful practices of implementing and applying them, and avoid typical errors in settling and harmonizing the Russian accounting practice in accordance with the IPSAS.
Objectives. I formulate what mainly distinguishes the international use of the IPSAS.
Methods. The study is based on the comparative analysis method.
Results. As a result of the study, I discovered some difficulties in implementing and adopting the IPSAS. In theory, the difficulties can be divided in two groups, i.e. technological, organizational and financial. The technological difficulties arise from the use of modern ICT ensuring fast and quality financial reporting under IPSAS. The organizational problem is about finance. Accounting reforms, accounting staff training entails considerable governmental spending.
Conclusions and Relevance. Reforming the financial (budgetary) accounting process and financial reporting in Russia, authorities should refer to the international experience in the IPSAS. Doing so, they will be able to streamline the harmonization of financial reporting.

Keywords: international financial reporting standards, public sector, government spending, government finance


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