Governmental accounting

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Government accounting refers to the process of recording and the management of all financial transactions incurred by the government which includes its income and expenditures.

Government and public accounting, often referred to as governmental accounting or public sector accounting, is a specialized branch of accounting dedicated to managing the financial affairs of government entities and publicly funded organizations. Its central aim is not profit, as in business, but transparency, accountability, and stewardship of public resources—ensuring taxpayers’ money is used effectively and lawfully.^[1]

IPSAS – International Public Sector Accounting Standards Developed by the IPSAS Board under IFAC, the IPSAS framework encourages the use of accrual accounting and promotes global consistency in government financial reporting. It includes mandatory budget-to-actual comparisons to enforce legal and fiscal transparency.