NEW YORK- The International Public Sector Accounting Standards Board (IPSASB), issued on January 17, 2008 a new disclosure requirements and recommendations which are set out in the updated International Public Sector Accounting Standard, Financial Reporting under the Cash Basis of Accounting (Cash-Basis IPSAS).The new disclosure aims at helping governments and other public sector entities consistently report on international aid.
The external assistance requirements are effective for reporting periods beginning on or after January 1, 2009.
IPSASB, an independent standards-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 private sector, and between financial reporting and economics statistics.
For more information please visit the following website: www.ifac.org