The International Public Sector Accounting Standards Board (IPSASB) has issued two final pronouncements as part of its ongoing work to maintain high-quality, globally relevant public sector accounting standards.
- Improvements to IPSAS Accounting Standards – Volume 10 introduces minor improvements to IPSAS Standards addressing financial instruments, foreign exchange, and consolidated financial statements, as well as editorial clarifications.
- Definition of an Operation and Recognition of Acquired Liabilities and Contingent Liabilities (Amendments to IPSAS 40) updates guidance on the definition of an operation and the recognition of certain liabilities in public sector combinations.
Both pronouncements reflect relevant developments in international accounting standards, adapted as appropriate for the public sector and informed by stakeholder feedback.