IPSASB consults on public sector specific financial instruments

  • IPSASB (International Public Sector Accounting Standards Board) (mid gray) Image

28 Jul, 2016

The International Public Sector Accounting Standards Board (IPSASB) has released for comment 'Public Sector Specific Financial Instruments'.

Neither International Financial Reporting Standards (IFRSs) nor International Public Sector Accounting Standards (IPSAS) specifically address some financial instruments that are unique to the public sector such as:

  • special drawing rights;
  • currency in circulation; and
  • monetary gold.

As a consequence, there is inconsistent reporting between entities and users may not have the information they need for accountability and decision-making purposes.

As a first step to developing specific guidance the IPSASB has released a consultation paper seeking feedback on some preliminary views on accounting for the three public sector financial instruments highlighted above. The objective of the paper is to initiate a debate abou the types of instruments considered to be in scope of the project and approaches to recognition and measurement of those items included in the project.

Comments on the consultation paper are due to the IPSASB by 31 December 2016.

Please click for the following additional information on the IPSASB website:

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