IPSASB aligns IPSASs with recent IASB pronouncements

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23 Jan, 2015

The International Public Sector Accounting Standards Board (IPSASB) has finalised 'Improvements to IPSASs 2014'. The changes 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)'.

Improvements to IPSASs 2014 makes amendments made to four International Public Sector Accounting Standards (IPSASs):

  • IPSAS 1 Presentation of Financial Statements - clarification of comparative information requirements;
  • IPSAS 17 Property, Plant and Equipment - classification of servicing equipment, clarification of the revaluation methodology, acceptable methods of depreciating assets;
  • IPSAS 28 Financial Instruments: Presentation - tax effects of distributions to holders of equity instruments; and
  • IPSAS 31 Intangible Assets - clarification of the revaluation methodology, clarification of acceptable methods of amortising assets.

All amendments are effective for annual financial statements covering periods beginning on or after 1 January 1 2015. Please click to access the finalised amendments on the IPSASB website.

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