What are the differences between Public and Private sectors in Accounting?

Answer 1

This is too big a topic to fit into this space. Private sector a/cg is governed by the IASs/IFRSs. Those I'm sure you're familiar with. Many of the International Public Sector Accounting Standards (IPSASs) currently on issue are based on IASs/IFRSs to the extent that the requirements of the IASs/IFRSs are relevant to the public sector. The current IPSASs therefore draw on concepts and definitions in the IASB Framework with modifications where necessary to address public sector circumstances. The IASB is proposing changes to the concepts and definitions in its Framework as part of a joint project with the Financial Accounting Standards Board of the USA.

Perhaps you'd like to read the report by the International Public Sector Accounting Standards Board titled "Public Sector Conceptual Framework - Project Brief: Collaborative project of the IPSASB and National Standards Setters and similar organizations" at the link below for a fuller understanding of the harmonisation project in progress now.

Answer 2

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