Challenges faced accounting profession and entities with regard to the application of current international accounting standards on financial instruments

  • Sovereignty of different countries: Each government operates independently as compared to the private sector and therefore promoting a culture of uniformity in reporting may not be acceptable to all.
  • Different countries also have different reporting requirements and procedures for the government departments. Some government departments do not prepare financial statements for the public.
  • Countries also have different laws that apply in different government departments.
  • Challenges in resources, systems and personnel to implement IPSAS


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