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Article: IPSASB proposes standard on non-exchange revenue.(International Public Sector Accounting Standards Board)
- Article from:
- Accounting Today
- Article date:
- March 20, 2006
- Author:
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Taxation: Everybody does it, but the world has yet to agree on how to account for it.
But that may soon change.
The International Public Sector Accounting Standards Board of the International Federation of Accountants recently issued the first proposal for a worldwide standard on "non-exchange revenue" that governments receive.
Now all the world has to do is agree on a few things. The proposal covers a broad scope of issues, including some big ones, such as the very basis on which taxes should be recognized and how they should be measured.
The IPSASB's technical director, Paul Sutcliffe, called the proposed standard "very important."