International Public Sector Accounting Standards (IPSAS) that are based on International Financial Reporting Standards (IFRS) and are adapted for the use by public sector entities represent the basis for introducing accrual–based accounting. This workshop will help participants to understand international financial reporting standards in public sector. It will discuss background, recent developments, related documents, a relevance of individual IPSAS, and demonstration of how to apply IPSAS principles to events that occur in public sector entities.