The International Accounting Standards Board (IASB) and the International Federation of Accountants (IFAC) have announced a formal agreement to strengthen their co-operation in developing private and public sector accounting standards. IFAC supports the independent International Public Sector Accounting Standards Board (IPSASB), which is responsible for developing International Public Sector Accounting Standards (IPSAS). The boards have worked together in the past, and many IPSASs are primarily drawn from IFRS.
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