This paper explores how real estate is accounted for in the public sector, focusing on the application of IPSAS 16 and IPSAS 17, which govern the recognition, valuation, and reporting of publicly owned property. By examining examples of initial recognition, later valuation, and removal from records of both investment property and fixed assets, the paper demonstrates how proper use of international accounting standards enhances transparency and efficiency in managing public assets. It also emphasizes the importance of maintaining detailed records on the condition, value, and changes in real estate, which supports accurate financial reporting and strengthens accountability in public resource management.
Ćurčić et al. (2025) studied this question.