(New York) -- The International Public Sector Accounting Standards Board (IPSASB) announced on December 14, 2006 that it has released a new International Public Sector Accounting Standard (IPSAS) entitled “Disclosure of Financial Information about the General Government Sector” IPSAS 22,  which is designed to improve the quality and uniformity of financial information reported by public sector entities around the world. Further, it establishes requirements for governments that choose to disclose information about the general government sector and that prepare their financial statements under the accrual basis of accounting.

IPSASB Chair Philippe Adhémar  stated "In many jurisdictions, governments prepare budgets and have their performance assessed on the basis of statistical requirements this IPSAS will enable governments to disclose the operations of the general government sector, which will provide a higher level of transparency to the public.”

The IPSASB, as an independent standard-setting board of the International Federation of Accountants (IFAC), focuses on the accounting and financial reporting needs of national, regional, and local governments. The primary goal of the IPSASB is to achieve convergence in financial reporting between different governments, with the private sector, and between financial reporting and economic statistics.