The Impact of International Public Sector Accounting Standards (IPSASs) on the Public Budget Statement

The IPSAS budget statement prescribed by the scope and conceptual framework discloses financial information useful for stakeholder decision making. This scientific study purpose is to assess the impact of IPSAS on the public budget statement in Africa. The study methodology adopted is mixed research methodology, through researcher administered questionnaires and interviews on PAFA accountants in public sector practice across Africa. The findings revealed that an IPSAS compliant publicly approved budget, after consultation with the public is objective and useful for user decision making, enhancing transparency and accountability for the benefit of users, including added stakeholder’s trust and confidence thereby making an overall impact contribution to the Gross Domestic Product. The findings also identified implementation challenges of the IPSAS compliant budget as technical complex and beyond the comprehension of the average user, lack of political will, and resistance to change in the Finance Ministries and among legislatures