New public sector intangible assets standard
The International Public Sector Accounting Standards Board (IPSASB) has issued IPSAS 31 'Intangible Assets'.
IPSAS 31 covers the accounting for and disclosure of intangible assets. It is primarily drawn from IAS 38 Intangible Assets. It also contains extracts from the SIC-32 Intangible Assets-Web Site Costs, adding application guidance and illustrations that have not yet been incorporated into the IAS.
At this point, IPSAS 31 does not deal with uniquely public sector issues, such as powers and rights conferred by legislation, a constitution, or by equivalent means; the IPSASB will reconsider the applicability of the standard to these powers and rights in the context of its conceptual framework project, which is currently in progress.
The IPSASB has also published Improvements to IPSASs, to conform with minor changes to IFRSs made by the IASB since the related IPSASs were originally released. These are part of a series of annual improvements that is modeled on a successful IASB annual update program.
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