NEW YORK – The International Public Sector Accounting Standards Board (IPSASB) announced on January 10, 2007 that it has released International Public Sector Accounting Standards (IPSASs) entitled IPSAS 24, Presentation of Budget Information in Financial Statements, it applies to entities that adopt the accrual basis of financial reporting. 

In addition to the new standard the IPSASB also updated Financial Reporting under the Cash Basis of Accounting, to include both required and encouraged disclosures that apply to entities that adopt the cash basis of financial reporting.

Philippe Adhémar  the chair of the IPSASB  pointed out, “Reporting the actual amounts resulting from execution of budget against the approved budget and explaining the variance will enhance the transparency of financial statements,”

IPSASB is an independent standard-setting board of the International Federation of Accountants (IFAC), it focuses on the accounting and financial reporting needs of 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 private sector, and between financial reporting and economic statistics.

for more information please visit the following website: www.ifac.org