Certified Government Financial Manager (CGFM) 2025 – 400 Free Practice Questions to Pass the Exam

The International Public Sector Accounting Standards Board (IPSASB) is primarily responsible for developing and issuing international standards for public sector accounting. This organization aims to improve the quality of public sector financial reporting and ensure consistency across various jurisdictions, thereby enhancing accountability and transparency in public finances. By setting these standards, the IPSASB helps governments and other public entities around the world prepare their financial statements based on a common set of guidelines, which ultimately contributes to better governance and fiscal management.

The other options reflect responsibilities that do not align with the IPSASB's focus. The IPSASB does not set standards for private sector financial reporting, oversee audit compliance for state governments, or implement accounting systems for local governments. Instead, its core mission is centered on establishing a framework for public sector financial reporting that aids stakeholders in understanding how public resources are managed and utilized.