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IPSASB aligns IPSASs with recent IASB pronouncements

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

Jan 23, 2015

The International Public Sector Accounting Standards Board (IPSASB) has finalized "Improvements to IPSASs 2014." The changes incorporate relevant amendments made by theIASB 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.
  • IPSAS 31, Intangible Assets clarification of the revaluation methodology, clarification of acceptable methods of amortizing assets.

All amendments are effective for annual financial statements covering periods beginning on or after January 1, 2015. Please click to access the finalized amendments on the IFAC's IPSASB Web site.

Correction list for hyphenation

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