It addresses these needs by issuing and promoting benchmark guidance, conducting educational and research programs, and facilitating the exchange of information among accountants and those that work in the public sector or rely on its work. These standards set out the requirements for financial reporting by governments and others in public sector organizations.
Related guidance is provided in the form of explanatory and other material.
These guidelines recommend practices to be followed in the public sector on financial reporting. The PSC issues these guidelines to improve public sector financial management and accountability. These studies are intended to provide advice on financial reporting, accounting and auditing issues in the public sector. They are based on study of the best practices and most effective methods for dealing with the issues being addressed. Recent papers have focused on the definition and recognition of revenues and expenses.