The International Public Sector Accounting Standards Board (IPSASB) announced on October 18, 2006, that it issued an exposure draft (E-D) of a proposed International Public Sector Accounting Standard (IPSAS), ED 30 Impairment of Cash-Generating Assets. ED 30 deals with cash-generating assets held and operated by public sector entities, which are not government businesses enterprises.
The IPSASB has already addressed the issues of assets which are held and operated primarily for the purposes of service delivery, when it released in 2004 IPSAS 21, Impairment of Non-Cash Generating Assets, in December 2004.
The IPSASB, as an independent standard-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 the private sector, and between financial reporting and economic statistics.
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.
For more information please visit the following website: www.ifac.org