IAASB), except for the lack of a public interest oversight board • 18 members, 14 from Public Sector, 2 from NPO, 2 from Statement of financial position 0000000576 00000 n These changes are reflected in the draft ED. Reallocates resources according it programs and activities iv. International Public Sector Accounting Standards enable governments to account for material liabilities such as debt, pensions and service concessions. %PDF-1.4 %���� (b)             Recognizing a lease receivable and a liability (unearned revenue) as a result of the lease contract, except for short-term leases. 2.1 An important characteristic that distinguishes the public sector from the private sector is that the main objective of public sector entities is to deliver goods and services rather than to generate profits. Objective. BC4. These are aligned to IFRS but adapted to a public sector context where appropriate. Financial Assets (3 marks) 2. For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org. Definition of term Term Public Sector Accounting means – budgeting, recording, summarizing and producing of financial reports of revenue and expenditure of public It receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, and the governments of Canada and New Zealand. (New York, January 31, 2018) – The International Public Sector Accounting Standards Board ® (IPSASB ®) today released for comment Exposure Draft (ED) 64, Leases.. ED 64 proposes a single right-of-use model for lease accounting that will replace the risks and rewards incidental to ownership model in IPSAS 13, Leases.ED 64 also proposes new public sector specific accounting … 0000000016 00000 n AUTHOR l Julius Mojapelo CA(SA) is Project Director: Public Sector at SAICA . The public sector is one of the largest sectors of any economy. IPSAS Explained provides a concise summary of the International Public Sector Accounting Standards for practitioners needing to maintain compliance with ever-changing practices. All the paragraphs have equal authority. Following are the key characteristics of public relations: 1. public sector specific characteristics. ALL RIGHTS RESERVED. the International Public Sector Accounting Standards Board® (IPSASB®) develops accounting standards for public sector entities referred to as International Public Sector Accounting Standards™ (IPSAS™). For lessees, ED 64 proposes accounting requirements that are converged with the International Accounting Standards Board’s IFRS 16, Leases, by requiring the recognition of a right-of-use asset and a lease liability for all leases, except for short-term leases and leases of low-value assets. It includes all corporations which are established, run and financed by government on behalf of the public (Adams, 2010). iii. IPSAS 17 International Public Sector Accounting Standard 17, Property, Plant, and Equipment, is set out in paragraphs 1–109. Les IPSAS ont pour but d'améliorer la qualité de l'information financière des entités du secteur public, pour permettre des décisions d'allocation de ressources fondées sur une information plus fiable, et ainsi améliorer la transparence financière et la responsabilité dans ce domaine. Public sector: The part of national economy providing basic goods or services that are either not, or cannot be, provided by the private sector. Non – Financial Liabilities (3 marks) (ii) Using Cash Basis IPSAS of Accounting, outline mandatory disclosure In late 2003, the IPSASB¶s predecessor, the Public Sector Committee (PSC),2 actioned an IPSAS improvements project to converge, where appropriate, IPSASs with the improved IASs issued in December 2003. (e in b.c))if(0>=c.offsetWidth&&0>=c.offsetHeight)a=!1;else{d=c.getBoundingClientRect();var f=document.body;a=d.top+("pageYOffset"in window?window.pageYOffset:(document.documentElement||f.parentNode||f).scrollTop);d=d.left+("pageXOffset"in window?window.pageXOffset:(document.documentElement||f.parentNode||f).scrollLeft);f=a.toString()+","+d;b.b.hasOwnProperty(f)?a=!1:(b.b[f]=!0,a=a<=b.g.height&&d<=b.g.width)}a&&(b.a.push(e),b.c[e]=!0)}y.prototype.checkImageForCriticality=function(b){b.getBoundingClientRect&&z(this,b)};u("pagespeed.CriticalImages.checkImageForCriticality",function(b){x.checkImageForCriticality(b)});u("pagespeed.CriticalImages.checkCriticalImages",function(){A(x)});function A(b){b.b={};for(var c=["IMG","INPUT"],a=[],d=0;d