IPSASB issues standards on budget reporting

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11 Jan 2007

The International Public Sector Accounting Standards Board (IPSASB) has released International Public Sector Accounting Standards (IPSASs) that identify disclosures to be made by governments and other public sector entities that make their approved budgets publicly available.

IPSAS 24 Presentation of Budget Information in Financial Statements applies to entities that adopt the accrual basis of financial reporting. In addition, the cash basis IPSAS Financial Reporting under the Cash Basis of Accounting has been updated to include both required and encouraged disclosures that apply to entities that adopt the cash basis of financial reporting. Both standards require that a comparison of budget and actual amounts for the reporting period be included in the financial statements. They also require explanations for material differences between the budget and actual amounts in the notes to the financial statements or in a separate report issued in conjunction with those statements. The two standards can be downloaded without charge from IFAC's Website. Click for Press Release (PDF 53k).

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