NEW YORK- The International Public Sector Accounting Standards Board (IPSASB), issued on February 8, 2008 two new standards to further convergence with International Financial Reporting Standards (IFRSs)
The two standards - International Public Sector Accounting Standard (IPSAS) 25, Employee Benefits and IPSAS 26, Impairment of Cash-Generating Assets - will improve the consistency and transparency of financial reporting by public sector entities. They can be downloaded free-of-charge from the IFAC online bookstore (http://www.ifac.org/store).
IFAC is the worldwide organization for the accountancy profession dedicated to serve the public interest by strengthening the profession and contributing to the development of strong international economies.
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