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Article: IFAC's Public Sector Accounting Standards Board proposes new reporting requirements for non-exchange revenue.(In Brief)
- Article from:
- Accountancy Ireland
- Article date:
- April 1, 2006
CopyrightCOPYRIGHT 2006 Institute of Chartered Accountants in Ireland. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Taxes are the major source of revenue for most governments, but internationally agreed requirements for accounting for them in general purpose financial statements have not yet been developed. To deal with this major gap in international accounting requirements for governments, the International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants (IFAC) has issued a proposed standard on the financial reporting of revenue from non-exchange transactions, including taxes and transfers.
The exposure draft (ED) of the proposed International Public Sector Accounting Standard (IPSAS), 'Revenue from Non-Exchange Transactions ...