IPSASB issues guidance for first-time adopters

30 Jan 15
A new standard for all public sector entities that are moving towards the adoption of International Public Sector Accounting Standards (IPSAS) has been published.

By Judith Ugwumadu | 30 January 2015

A new standard for all public sector entities that are moving towards the adoption of International Public Sector Accounting Standards (IPSAS) has been published.

The so-called IPSAS 33 standard was issued by the International Public Sector Accounting Standards Boards (IPSASB) yesterday. It is designed to provide guidance to bodies that are preparing and presenting financial statements according to accrual-based IPSAS for the first time.

IPSASB chair Andreas Bergmann said: ‘With IPSAS 33, the IPSASB has developed a comprehensive standard that provides guidance and exemptions for entities that are transitioning to accrual basis IPSASs.

‘IPSAS 33 meets the needs of both preparers and users of financial statements during the transition period. Its publication is a further incentive for entities to make the decision to apply IPSASs.’

IPSAS 33 allows first-time adopters three years to recognise specific assets and liabilities. This provision allows sufficient time to develop reliable models for recognising and measuring assets and liabilities during this time period.

The new standard addresses situations when reliable historical cost information about assets and liabilities is not available.

It also addresses the presentation of comparative information in transitional IPSAS financial statements and an entity’s first IPSAS-compliant financial statements.

The governments Ghana and Nigeria are both planning to move apply IPSAS to their financial statements.

 

Related articles

Have your say

Newsletter

CIPFA latest

Most popular

Related jobs

Most commented

Events & webinars