The PSC develops accounting standards for national, regional, and local governments and their agencies based (to the extent appropriate in the public sector) on IFRS. At its July 2003 meeting, the PSC considered staff papers that outlined likely differences between existing International Public Sector Accounting Standards (IPSASs) and their equivalent IFRSs expected to be in place as at March 2004, and identified key IFRSs for which equivalent IPSASs had not yet been
developed. The PSC directed its staff to prepare, for consideration at the next PSC meeting, a paper that would outline alternative ways of updating IPSASs to ensure they remain harmonised with IFRSs where appropriate for the public sector.
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