IPSASB publishes two exposure drafts

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15 Oct, 2015

The International Public Sector Accounting Standards Board (IPSASB) has released for comment two Exposure Drafts (EDs): ED 57 'Impairment of Revalued Assets' and ED 'Improvements to IPSASs 2015.'

ED 57 Impairment of Revalued Assets proposes to bring property, plant and equipment, and intangible assets on the revaluation model within the scope of IPSAS 21 Impairment of Non-Cash-Generating Assets and IPSAS 26 Impairment of Cash-Generating Assets. This intended to provide users with relevant information on impairments to these assets. The ED also proposes to clarify that an impairment to one or more individual assets within a class of property, plant, and equipment does not necessitate a revaluation of the entire class to which that impaired asset belongs.

ED 58 Improvements to IPSASs 2015 contains proposed minor changes that are consequential amendments arising from the first four chapters of the IPSASB Conceptual Framework, general improvements to IPSAS, improvements to increase consistency with Government Finance Statistics reporting guidelines, and improvements to maintain convergence with International Financial Reporting Standards (IFRSs). In respect of IFRS convergence, the IPSASB proposes to follow the IASB on its June 2014 amendments to IAS 16 and IAS 41 regarding bearer plants as the IPSASB generally concurred that there was no public sector specific reason for not adopting the amendments.

Please click to access the press release, ED 57 and ED 58 on the IPSASB website. Comments on both EDs are requested by 15 January 2016.

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