Proposed amendments to IPSAS standards from the International Public Sector Accounting Standards Board (IPSASB) aim to maintain high-quality, globally relevant accounting standards for the public sector.
After reviewing relevant developments from the IASB, the IPSASB proposed narrow-scope amendments to Improvements to IPSAS Accounting Standards — Volume 10 in exposure draft (ED) 95 and Definition of an Operation and Recognition of Acquired Liabilities and Contingent Liabilities (Amendments to IPSAS 40) in ED 96, a news release said.
“The IPSASB considers if the private sector guidance is relevant to the public sector and specifically updates the guidance for its use when appropriate and further refines considering stakeholder feedback,” the release said.
In ED 95, the IPSASB suggested “minor improvements” to accrual-basis IPSAS standards regarding financial instruments, foreign exchange, and consolidated financial statements, as well as editorial clarifications.
Additionally, improvements proposed in ED 96 are intended to amend the definition of an operation and the recognition of certain liabilities. It provides guidance on the “acquisition or amalgamation” of public sector operations, the release said.
The comment period for the EDs closes on 30 June.
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