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IPSASB publishes five IPSASs

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

Jan 31, 2015

The International Public Sector Accounting Standards Board (IPSASB) has published five International Public Sector Accounting Standards (IPSASs) on accounting for interests in other entities.

The five IPSASs are as follows:

  • IPSAS 34, Sep­a­rate Fi­nan­cial State­ments.
  • IPSAS 35, Con­sol­i­dated Fi­nan­cial State­ments.
  • IPSAS 36, In­vest­ments in As­so­ci­ates and Joint Ven­tures.
  • IPSAS 37, Joint Arrange­ments.
  • IPSAS 38, Dis­clo­sure of In­ter­ests in Other En­ti­ties.
The new IPSASs are based on the IASB’s May 2011 “package of five” standards (i.e., IFRS 10, IFRS 11, IFRS 12, IAS 27, and IAS 28), in­clud­ing the 2012 amend­ments to the guidance on tran­si­tion and in­vest­ment en­ti­ties. The requirements of the IPSASs are aligned with those in the equiv­a­lent IASB pro­nounce­ments except when de­par­ture is con­sid­ered jus­ti­fied (e.g., mod­i­fi­ca­tion of ter­mi­nol­ogy, con­sid­er­a­tion of the in­ter­ac­tion with the Gov­ern­ment Finance Sta­tis­tics and the System of Na­tional Ac­counts, re­flec­tion of dif­fer­ences between ex­ist­ing IPSASs and IFRSs).1

The stan­dards are ef­fec­tive for annual fi­nan­cial state­ments for periods be­gin­ning on or after January 1, 2017. Earlier ap­pli­ca­tion is en­cour­aged; however, if an entity decides to apply the re­quire­ments early, it must dis­close that fact and apply the whole series of stan­dards (IPSAS 34 through IPSAS 38) at the same time.

For more information, see the press release on IFAC’s Web site.


1 In line with the IASB’s and IFAC’s November 2011 mem­o­ran­dum of un­der­stand­ing, the IPSASB bases its standards on those of the IASB when relevant.

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