Five ways IPSAS will transform Zimbabwe

The demand for transparency and accountability in the public sector continues to grow with an increasingly informed public. Zimbabwe once a vibrant and diversified economy is in the midst of an economic crisis, caused by cash shortages, corruption and lack of good corporate governance. The changing economic dynamics demand public sector entities to uphold high ethical conduct as well as to enact quality corporate governance structures.
The need for accountability and transparency has been a global issue, which necessitated the introduction of International Public Sector Accounting Standards (IPSAS). These standards are based on International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). IPSAS aims to improve the quality of general purpose financial reporting by public sector entities, leading to better informed assessments of the resource allocation decisions made by governments, thereby increasing transparency and accountability.