NEW YORK - The International Public Sector Accounting Standards Board (IPSASB) announced on September 3, 2008 seeking comments on its proposed changes to IPSAS 5, Borrowing Costs.
The changes proposes amendments to reflect that in many circumstances the capitalization of borrowing costs as part of the cost of an asset is not appropriate for public sector entities.
To download the amended IPSAS 5, please visit the following website: http://www.ifac.org/EDs
The 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: http://www.ifac.org/