NEW YORK- The International Public Sector Accounting Standards Board (IPSASB) announced on January 22, 2007 that it issued revised standards to increase the clarity and usability of International Public Sector Accounting Standards (IPSASs). The revised standards include 11 revised accrual basis IPSASs and a revised Preface to International Public Sector Accounting Standards.
The IPSASB aims to converge IPSASs with International Financial Reporting Standards (IFRSs), issued by the International Accounting Standards Board, while public sector specific issues and reflecting public sector emphasis within the standards.
“Global convergence of financial reporting standards remains one of the key objectives of International Federation of Accountants (IFAC) and the IPSASB” IPSASB Chair Mike Hathorn said.
The 11 revised IPSASs are effective for reporting periods beginning on or after January 1, 2008.
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