IPSASB achieves its goal of substantial convergence with new or improved IFRSs
06 January 2010
The new International Public Sector Accounting Standards include dealing with financial instruments - in terms of presentation, recognition and measurement and disclosures. Another new standard covers intangible assets.
At its December 8-11 meeting in Rome, the International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants (IFAC) achieved its strategic goal of substantial convergence with the International Financial Reporting Standards (IFRSs) dated December 31 2008, with a series of new or improved standards.
Three of these new International Public Sector Accounting Standards (IPSASs) deal with financial instruments - in terms of presentation, recognition and measurement and disclosures. A fourth standard covers intangible assets and an improvements standard makes minor changes to existing IPSASs. They are primarily drawn from IFRSs, with limited changes dealing with public sector-specific issues. In addition, the board has approved an exposure draft covering service concessions.
“In the current global economic environment, when governments are increasingly raising debt through the capital markets as a result of their financial interventions in the private sector, the need for certainty in the application of well-developed financial instruments standards has particular urgency,” said Mike Hathorn, Chair of the IPSASB. “Achieving convergence is also crucial to enhancing transparency at this time of large scale government interventions,” he added.
The new standards and exposure draft will be available to download free of charge from the IFAC website (web.ifac.org/publications) later this month.
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