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Article: New international public sector accounting standards.(New and noteworthy information you can use)
- Article from:
- CMA Management
- Article date:
- March 1, 2007
CopyrightCOPYRIGHT 2007 Society of Management Accountants of Canada. 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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The International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants (IFAC) has released International Public Sector Accounting Standards (IPSASs), which identify disclosures to be made by governments and other public sector entities that make their approved budgets publicly available. These disclosures will contribute greatly to improving accountability by helping readers compare budget amounts with actual amounts arising from carrying out the budget.
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A new standard, IPSAS 24, Presentation of Budget Information in Financial Statements, applies to entities that adopt the accrual basis ...