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IPSASB publishes two exposure drafts

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

Oct 15, 2015

The International Public Sector Accounting Standards Board (IPSASB) has released for comment two exposure drafts (EDs): ED 57, “Impairment of Revalued Assets,” and ED 58, “Improvements to IPSASs 2015.”

ED 57 would amend IPSAS 21, Im­pair­ment of Non-Cash-Gen­er­at­ing Assets, and IPSAS 26, Im­pair­ment of Cash-Gen­er­at­ing Assets, to include within their scope (1) property, plant, and equipment and (2) intangible assets measured under the revaluation model. The objectives of this ED are to provide financial statement users with in­for­ma­tion about im­pair­ments related to these assets and to clarify that when one or more in­di­vid­ual assets within a class of property, plant, and equipment are impaired, “an entity is not required to revalue the entire class of assets to which [the impaired asset] belongs.”

ED 58 is a four-part proposal that recommends the following types of amendments to IPSASs:

  1. Minor amend­ments to “ensure consistency with” the IPSASB Conceptual Framework.
  2. General im­prove­ments to IPSASs.
  3. Amendments to make IPSASs more consistent with reporting guidelines related to gov­ern­ment finance sta­tis­tics.
  4. Changes to “maintain con­ver­gence with” IFRSs.

Comments on both EDs are due by January 15, 2016. For more information, see the press release, ED 57, and ED 58 on the IPSASB's Web site.

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