(a)    IPSASB plays the following roles in financial reporting space globally:

• Enhanced transparency. IPSASB promotes transparency by requiring governments to provide comprehensive and clear financial information in their financial statements. This transparency fosters accountability and trust among stakeholders, including citizens, investors, donors, and oversight bodies.
• Improved accountability. By adopting IPSAS, governments and public sector entities demonstrate their commitment to accountability in financial reporting. IPSAS facilitates the identification and disclosure of financial responsibilities, ensuring that decision-makers are held accountable for their stewardship of public resources.
• Better decision-making. IPSASB provides decision-makers with accurate and reliable financial information, enabling them to make informed decisions about resource allocation, budgeting, and policy formulation. This improves the efficiency and effectiveness of public service delivery and contributes to overall economic development.
• International comparability. IPSASB promotes international comparability of financial statements by establishing common accounting standards and practices for governments worldwide. This allows stakeholders to analyze and benchmark the financial performance of different governments and public sector entities, facilitating cross-border investment, aid, and collaboration.
• Facilitation of access to capital markets. Governments that adopt IPSAS may find it easier to access capital markets and secure financing from investors. IPSAS-compliant financial statements provide assurance to investors about the reliability and transparency of financial information, reducing risk perceptions and lowering borrowing costs.                                                                                                                                                                                                                                                                              (b)

  The Public Financial Management Act 2016 (Act 921) permits the Controller and Accountant General to determine the accounting policies and standards to be applied in the public sector. In 2014, the government adopted IPSAS as the accounting standards for the public sector. An Implementation Committee was established, and the implementation is currently in progress. Therefore, the position of the Government of Kapania on IPSAS is that IPSAS is accepted and adopted as part of the public sector accounting standards in Kapania.