The study examined the International Public Sector Accounting Standard (IPSAS 1) as a veritable strategy for good governance and economic development in a post-covid – 19 economy. The objective of IPSAS 1 is the presentation of financial statements. The paper adopted qualitative description research. The findings revealed that IPSAS 1 standard of presentation of financial statement enhanced good governance, which promote economic development, particularly in a COVID-19 ravaged economy like Nigeria. Therefore, Nigeria should not only adopt IPSAS as global best practices, but implement it to attract foreign investments and aids that will help rebuild the devastated COVID – 19 economy.