IPSASB proposes convergence with IFRS 3 and IAS 38
08 May 2009
The International Public Sector Accounting Standards Board (IPSASB) has published two new exposure drafts – ED 40 'Intangible Assets' and ED 41 'Entity Combinations from Exchange Transactions' – proposing that governments and other public sector entities follow the related IFRS requirements.
ED 40 proposes an IPSAS that converges with IAS 38 Intangible Assets and also incorporates guidance on website costs in Interpretation SIC-32 Intangible Assets - Web Site Costs. It also includes guidance on intangible heritage assets.
ED 41 is converged with IFRS 3 Business Combinations. Entity combinations that arise from non-exchange transactions are being addressed in a separate public sector-specific project.
Comments on the EDs are requested by 15 August 2009. You can download the EDs at www.ifac.org/EDs.
