IPSASB Delivers Guidance on Significant Areas of Public Expenditure
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The International Public Sector Accounting Standards Board® (IPSASB®) works to improve public sector financial reporting worldwide through the development of IPSAS®, international accrual-based accounting standards, for use by governments and other public sector entities around the world.
FOCUS ON: ADOPTION AND IMPLEMENTATION
SUPPORTING RESOURCES: IPSAS 41, FINANCIAL INSTRUMENTS
A CLOSER LOOK AT THE MOVE TO ACCRUAL ACCOUNTING IN THE UK
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IPSASB Delivers Guidance on Significant Areas of Public Expenditure
IPSAS 42, Social Benefits, and ED 67, Collective and Individual Services and Emergency Relief (Amendments to IPSAS 19), provide guidance on significant areas of public expenditure. Learn more at the links below:
- IPSAS 42, Social Benefits
- IPSAS 42 Supporting Resources
- ED 67, Collective and Individual Services and Emergeny Relief
- Press release
IPSAS 41, Financial Instruments, Released
IPSAS 41, Financial Instruments, establishes new requirements for classifying, recognizing and measuring financial instruments to replace those in IPSAS 29, Financial Instruments: Recognition and Measurement.
Published in August 2018, IPSAS 41 provides users of financial statements with more useful information than IPSAS 29, by:
- Applying a single classification and measurement model for financial assets that considers the characteristics of the asset's cash flows and the objective for which the asset is held;
- Applying a single forward-looking expected credit loss model that is applicable to all financial instruments subject to impairment testing; and
- Applying an improved hedge accounting model that broadens the hedging arrangements in scope of the guidance. The model develops a strong link between an entity's risk management strategies and the accounting treatment for instruments held as part of the risk management strategy.
For more information, please view: -
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Exposure Draft 67, Collective and Individual Services and Emergency Relief (Amendments to IPSAS 19)
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