NEW YORK-The International Public Sector Accounting Standards Board (IPSASB) released on April 10, 2008 a technical update to International Public Sector Accounting Standard (IPSAS) 4, The Effects of Changes in Foreign Exchange Rates. The update to IPSAS 4, which was issued as part of the IPSASB's global convergence program, reflects the latest amendments to the corresponding International Financial Reporting Standard (IFRS) issued by the International Accounting Standards Board.
Mike Hathorn, Chair of the IPSASB noted, The revised IPSAS clarifies the requirements for public sector entities to convert foreign currency transactions and balances into their reporting currency."
The revised IPSAS 4 can be downloaded free-of-charge from the IFAC online bookstore at http://www.ifac.org/store.
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