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Last January, the IPSASB issued IPSAS 42, Social Benefits, providing much-needed guidance on accounting for social benefits expenditure. This new guidance complements IPSAS 42 byproviding requirements for accounting for collective services (such as defense at national-levels and street lighting at sub-national levels) and individual services (such as healthcare and education). Collective and Individual Services requires that an expense is recognized at the point of service delivery.
IPSASB Chair, Ian Carruthers, said “I am pleased that, with the publication of Collective and Individual Services (Amendments to IPSAS 19), which complements IPSAS 42, Social Benefits, the IPSASB now has a full set of requirements and guidance on accounting for the most important programs of government.”
Amendments to IPSAS 19 on IPSASB