The newsletter reports the decisions made at the November-December 2005 meeting of the International Public Sector Accounting Standards Board (IPSASB). The IPSASB replaced IFAC's Public Sector Committee (PSC) in November 2004. It develops standards for accounting and financial reporting by national, regional, and local governments and related governmental agencies. Those standards are generally based on IFRSs, and profit-oriented government business enterprises are required to comply directly with IFRSs. The IPSASB's current work programme includes an ongoing project on 'Convergence with International Financial Reporting Standards (IFRSs) issued by the IASB'. One IPSASB convergence issue relates to IFRIC's project on accounting for Service Concessions (public-private partnerships). Because IFRIC's draft Interpretations do not address accounting by grantors of service concessions, the IPSASB will work with national standard setters to explore the potential for coordinating national and international guidance on accounting by public sector entities involved in service concession arrangements. Click:

• Download IPSASB Update December 2005 (PDF 146k)
• More Information about the IPSASB, including links for downloading all earlier editions of the Public Sector Update newsletter.