IPSAS 33, First-time Adoption of Accrual Basis IPSASs [Completed]

Effective date:

A first-time adopter shall apply this Standard if its first IPSAS financial statements are for a period beginning on or after January 1, 2017. Earlier application is permitted.

Transitional provisions:

A first-time adopter shall apply this Standard if its first IPSAS financial statements are for a period beginning on or after January 1, 2017. Earlier application is permitted.

Last updated:

January 2015

Overview

IPSAS 33 grants transitional exemptions to entities adopting accrual basis IPSASs for the first time, providing a major tool to help entities along their journey to implement IPSASs.

Of note, IPSAS 33:

  1. allows first-time adopters three years to recognize specified assets and liabilities. This provision allows sufficient time to develop reliable models for recognizing and measuring assets and liabilities during the transition period;
  2. addresses situations when reliable historical cost information about assets and liabilities is not available; and
  3. addresses the presentation of comparative information in transitional IPSAS financial statements and an entity’s first IPSAS-compliant financial statements.

Recent activities

On January 29, 2015, the IPSASB issued IPSAS 33, First-time Adoption of Accrual Basis IPSASs.

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