The implementation of public sector accounting (PSA) reforms, based on a robust set of international standards for the public sector and good international practices, such as International Public Sector Accounting Standards (IPSAS), represents an opportunity for governments to not only improve the quality and reliability of their public financial information that could be used for decision-making, but also to:

• Assess the financial position, financial performance, and cash flows of the governments;
• Promote consistency and further comparability with peers at both regional and global levels;
• Strengthen public investment planning and state assets management;
• Achieve greater levels of fiscal transparency and accountability.

The key objectives of this SIT were: (i) present the key findings of the more recent PULSAR FinCoP knowledge product “First-time Adoption of Accrual Basis IPSAS”; (ii) discuss the common challenges and lessons learned associated with the first time IPSAS implementation; (iii) share relevant country experiences of IPSAS implementation journey.