NEW YORK- . The International Public Sector Accounting Standards Board (IPSASB), (IFAC) launched on March 17, 2008 a project on the long-term fiscal sustainability for social security programs, healthcare and employment benefits .
In developing its project on social benefits, the IPSASB has concluded that financial statements alone may not provide users with enough information to assess the long-term viability of social benefit programs. It has, therefore, undertaken this new project to develop a framework for reporting on the long-term fiscal sustainability of governmental programs and finances
On the other hand to improve the consistency and transparency of reporting on social benefits by public sector entities, the IPSASB has released exposure draft (ED) 34, Social Benefits: Disclosure of Cash Transfers to Individuals or Households
Comments on both projects are requested by July 15, 2008.
For more information please visit the following website: www.iasb.org
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.