What are the accounting principles in public sector accounting?

Public sector accounting primarily follows specific accounting principles that ensure transparency, accountability, and consistency in financial reporting. Key principles include the accrual basis of accounting, which recognizes revenues and expenses when they are incurred, regardless of cash flow. Additionally, the principles of fund accounting are used to segregate resources into various categories for different purposes, enhancing accountability. Furthermore, the adherence to standards set by organizations like the International Public Sector Accounting Standards Board (IPSASB) helps standardize practices across jurisdictions.