From existing records, countries of the world have defined and set the standards of financial reporting in their individual territories. However, globalization has brought about ever increasing collaboration, international trade and commerce among the countries of the world; hence, there is dire need for increased harmonization in the standards guiding financial statements so that such statement would remain comprehensible and convene the same information to users across the world. The need for the development of unified accounting standards has been the primary driver of international public sector Accounting Standards for public sector financial reporting. International Public Sector Accounting Standards (IPSAS) is at present the focal point of global revolution in government accounting in response to calls for greater government financial accountability and transparency. The Public sector comprises entities or Organizations that implement public policy through the provision of services and the redistribution of income and wealth, with both activities supported mainly by Compulsory tax/levies on other sectors. This comprises governments and all publicly owned, controlled and or publicly funded agencies, enterprises, and other entities of government that deliver public programs, goods, or services. Public Sector Accounting is a system or process which gathers, records, collates, classifies and summarizes and reports the financial events existing in the public or government sector to ensue  for accountability and financial transparency of those to users associated to public institutions. It is interested in the receipts, custody, disbursement and rendering of stewardship of public funds entrusted. The acronym IPSAS means International Public Sector Accounting Standard. IPSAS are international Accounting Standard used as guidelines for the preparation of public sector financial Statements. According to Adoagye (2012), IPSAS are high quality global financial reporting standards for application by public sector entities other than government business enterprises and being issued by international public sector accounting standard board (IPSAS B) which is formerly known and called public sector committee. IPSASB’s a body of International Federation of Accounting (IFAC) with autonomy to develop and issue IPSAS. In a study conducted by John (2011) he revealed that IPSAS Board comprises of 18 members, out of which 15 are nominated by the member bodies of IFAC while the other three are appointed as public members, who may be appointed by any individual or organization. The main aim of IPSAS is to enhance the quality of general purpose financial reporting by public sector which would provide better means of assessing the resources allocation by government and also increased transparency and accountability. The practice of government sector accounting evolved over the years with focus on cash receipts and disbursements on the cash accounting basis or modified cash accounting basis. Hence, government revenue is only recorded and accounted for when cash is actually received and expenditure is incurred only when cash is paid irrespective of the accounting period in which the benefit is received or the service is rendered. It therefore means that, the amounts incurred by the government in purchasing fixed assets are treated the same way as expenses. They are therefore written off as part of expenditure for the period the costs were incurred Oecon, (2010).