IPSASB proposes revisions to the cash basis IPSAS

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04 Feb, 2016

The International Public Sector Accounting Standards Board (IPSASB) has released for comment Exposure Draft ED 61 'Amendments to Financial Reporting under the Cash Basis of Accounting'.

The IPSASB's cash basis standard Financial Reporting Under the Cash Basis of Accounting (unnumbered, January 2003) establishes requirements for the preparation and presentation of a statement of cash receipts and payments and supporting accounting policy notes. It also includes encouraged disclosures that enhance the cash basis report. The primary role of the standard in the IPSASB’s overall standard-setting strategy is to work as a stepping stone to adoption of accrual IPSAS.

ED 61 proposes to revise certain requirements and to recast them as encouragements. The ED also proposes amendments to ensure that the existing requirements and encouragements of the standard are better aligned with the equivalent accrual IPSAS, unless there is a reason to deviate as a result of adopting the cash basis of accounting.

Please click to access the press release and ED 61 on the IPSASB website. Comments are requested by 31 July 2016.

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