The International Public Sector Accounting Standards Board (IPSASB) develops accounting standards for public sector entities. It is an independent non-profit organization. The IPSASB succeeded the Public Sector Committee (PSC) in 2004; the PSC was established in 1986.

IPSASB adapts IFRS principles for public sector accounting. These adaptations reflect unique public sector requirements.

For lease accounting, public sector entities apply IPSAS 43, effective 1 January 2025. It replaces IPSAS 13 and aligns with IFRS 16.

Due to the significance of concessionary leases in the public sector, IPSASB published a dedicated amendment in 2024. That amendment takes effect on 1 January 2027.