Readiness and Perceptions of IPSAS 46 “Measurement” Implementation in Public Sector Entities: Evidence from Georgia

Abstract

This article examines the challenges associated with implementing and applying the new valuation approaches introduced by IPSAS 46 in the public sector, specifically fair value and current operational value. The analysis is based on thematic survey data collected from professionals engaged in public sector accounting and reporting, as well as a diverse range of documentary sources. Although the study does not include a factor analysis and its conclusions are limited to the Georgian context, thematic grouping revealed key determinants influencing the implementation of IPSAS: professional competence, resource availability, and managerial attitudes towards development and perceived need. Additional situational limitations existed, as the study was conducted prior to the official translation of IPSAS 46 and its incorporation into the national guidance. Despite these constraints, the findings may hold relevance for other countries facing similar challenges of limited resources, professional capacity, and managerial attitudes. The study provides recommendations for integrating IPSAS 46 principles into local standards.