IPSASB Seeks to Align Public Sector Accounting Standards with Recent IASB Pronouncements

The International Public Sector Accounting Standards Board (IPSASB) has released an exposure draft of proposed improvements to the International Public Sector Accounting Standards (IPSASs).

The proposals incorporate relevant amendments made by the International Accounting Standards Board (IASB) in the 2009-2011 and 2010-2012 cycles of annual improvements, and the changes made by 'Clarification of Acceptable Methods of Depreciation and Amortisation (Amendments to IAS 16 and IAS 38)'.

IASB amendments relate to IFRSs without an equivalent IPSAS, such first-time adoption, business combinations, share-based payments and interim financial reporting.

The existing IPSAS is not fully converged with IFRSs, especially in the areas of borrowing costs, related parties, employee benefits, segment reporting, financial instruments.

The proposals would see amendments made to the clarification of comparative information requirements (IPSAS 1).

It also seeks to improve the classification of servicing equipment, clarification of the revaluation methodology, and acceptable methods of depreciating assets (IPSAS 17).

Another proposal is to amend the tax effects of distributions to holders of equity instruments (IPSAS 28).

The fourth recommendation is the improvement in the clarification of the revaluation methodology, clarification of acceptable methods of amortising assets (IPSAS 31).

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