(New York) -- The International Public Sector Accounting Standards Board (IPSASB) announced on December 14, 2006, that it has released a new standard on reporting revenue from non-exchange transactions. IPSAS 23 entitled Revenue from Non-Exchange Transactions (Taxes and Transfers) . The new standard will lead to enhance the transparency of financial reporting by governments and other public sector entities.
In addition to that the new standard addresses a range of matters critical to government financial reporting of tax revenue, including the basis on which a wide range of taxes should be recognized and measured. IPSASB Chair Philippe Adhemar pointed out, “this new standard also represents a major achievement for the IPSASB in addressing public sector specific issues at a global level Compliance with IPSAS 23 will enhance the quality, and transparency of financial reporting by public sector entities around the world."
The IPSASB, as an independent standard-setting board of the International Federation of Accountants (IFAC), focuses on the accounting and financial reporting needs of national, regional, and local governments. The primary goal of the IPSASB is to achieve convergence in financial reporting between different governments, with the private sector, and between financial reporting and economic statistics.
For more information please visit the following website: www.ifac.org