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New international public sector accounting standards.

The International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants (IFAC) has released International Public Sector Accounting Standards (IPSASs), which identify disclosures to be made by governments and other public sector entities that make their approved budgets publicly available. These disclosures will contribute greatly to improving accountability by helping readers compare budget amounts with actual amounts arising from carrying out the budget.

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A new standard, IPSAS 24, Presentation of Budget Information in Financial Statements, applies to entities that adopt the accrual basis of financial reporting. In addition, the cash basis IPSAS, Financial Reporting under the Cash Basis of Accounting, has been updated to include both required and encouraged disclosures that apply to entities that adopt the cash basis of financial reporting.

Both standards require that a comparison of budget and actual amounts for the reporting period be included in the financial statements. They also require explanations for material differences between the budget and actual amounts in the notes to the financial statements or in a separate report issued in conjunction with those statements.

IPSAS 24 and Financial Reporting under the Cash Basis of Accounting can be downloaded free-of-charge from the IFAC online bookstore: http://www.ifac.org/store.
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Title Annotation:New and noteworthy information you can use
Publication:CMA Management
Date:Mar 1, 2007
Words:204
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