Public Sector Accounting: A Theoretical and Global Perspective, With a Focus on Zimbabwe

This paper explores the key areas of public sector accounting, adoption of International Public Sector Accounting Standards (IPSAS) and the importance of standardized accounting practices to enhance transparency and accountability. The focus is on global trends, regional practices particularly on current status of Zimbabwe. Zimbabwe public sector accounting faces significant challenges, including inadequate financial transparency and accountability mechanisms. The country ranks low in cybersecurity, which further complicates financial management and data integrity. The study reviews theoretical approaches to public sector accounting, critical insights into financial transparency, accountability, governance and advancements. Research Method The study employed mixed methods involving a comprehensive literature review using thematic themes, interviews, and questionnaire surveys. Data were analyzed based on themes with the help of Excel to identify existing knowledge, trends, and challenges in public sector accounting. Findings Zimbabwe has been slow to adopt these standards, which hampers its financial reporting and governance. In addition, Zimbabwe faces challenges implementing IPSAS in the following areas: capacity building, governance, and investment in technology. In the Southern African region, the emphasis on improving public financial management systems is growing. Countries are increasingly focusing on integrating technology to enhance financial reporting and accountability. The key challenges identified were limited resources, lack of skilled personnel, and insufficient political will to implement necessary reforms. These factors contribute to the inefficiency of public financial management in Zimbabwe. Recommendations Zimbabwe should prioritize the adoption of IPSAS to improve its public sector accounting practices and enhance financial transparency. There is a need for training programs to develop the skills of public sector accountants and financial managers in Zimbabwe. In addition, implementing robust governance frameworks that promote accountability, transparency in public financial management, and invest in technology to improve financial reporting systems and cybersecurity measures.