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Deloitte summary of public sector standards

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Feb 13, 2012

Deloitte has published the 2012 edition of "IPSAS Summary," which provides a summary of the provisions of all International Public Sector Accounting Standards (IPSAS) current as of February 1, 2012.

A number of countries are currently considering whether to adopt IPSAS for public sector entities or nonprofit organizations. For example, New Zealand is currently considering a regime for "public benefit entities" (PBEs), which would lead to the establishment of a set of "NZ PBE standards" that are based on IPSAS modified as appropriate for New Zealand circumstances and not-for-profit entities.

Many IPSAS are based on equivalent IFRSs, with adjustments for matters specific to the public sector. As such, the IPSAS require accrual-based accounting, which is not always applied by public sector entities in many countries of the world. The Confederation of Asian and Pacific Accountants (CAPA) late last year called for many more countries to adopt IPSAS, particularly in light of the "growing number of sovereign debt concerns arising around the world."

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