Public sector board issues two new standards
15 Dec 2006
The International Public Sector Accounting Standards Board (IPSASB) has issued two new International Public Sector Accounting Standards (IPSASs):
- IPSAS 22 Disclosure of Financial Information about the General Government Sector (PDF 137k). IPSAS 22 establishes requirements for governments that choose to disclose information about the general government sector and that prepare their financial statements under the accrual basis of accounting. IPSAS 23 is effective for annual periods beginning on or after 1 January 2008, earlier application encouraged. Press Release (PDF 60k).
- IPSAS 23 Revenue from Non-Exchange Transactions (Taxes and Transfers) (PDF 240k). IPSAS 23 addresses:
- Recognition and measurement of revenue from taxes
- Recognition of revenue from transfers, which include grants from other governments and international organisations, gifts. and donations
- How conditions and restrictions on the use of transferred resources are to be reflected in the financial statements
