IPSAS 47, Revenue

The International Public Sector Accounting Standards Board^® (IPSASB^®) has issued International Public Sector Accounting Standard^® (IPSAS) 47, Revenue. IPSAS 47 is a single source for revenue accounting guidance in the public sector, which presents two accounting models based on the existence of a binding arrangement. This new Standard provides focused guidance to help entities apply the principles to account for public sector revenue transactions.