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Clear, practical IPSAS guidance, explanation, and examples
Interpretation and Application of IPSAS provides practical guidance on the implementation and application of the International Public Sector Accounting Standards. This book brings readers up to date on the standards, and describes their proper interpretation and real-world application. Examples and mini-case studies clarify the standards' roles throughout, giving readers a better understanding of complex processes, especially where the IPSAS deviate from IFRS. Readers also gain insight into smoothly navigating the transition for a public sector entity, which is moving to either IPSAS under accrual basis of accounting or to cash accounting IPSAS, plus an overview of IPSAS adoption status and methods around the world.
Global public sector accounting is highly diversified, resulting in ongoing moves to harmonise standards worldwide. The IPSAS are international standards that largely follow the IFRS model, but differ in some key areas and include standards in places where IFRS has none. This book provides complete guidance to IPSAS, with clear explanation and expert insight.
* Understand the meaning and role of each standard
* Apply the standards to real-world scenarios
* Manage the process of transition to IPSAS
These standards are meant to be followed by all public sector entities, including national and regional governments and local authorities. They've been adopted by the UN, NATO, the European Commission, and others, and either have been or soon will be adopted in Malaysia, Switzerland, Spain, and more.
List of contents
Foreword vii
Acknowledgements ix
About the Authors xi
List of IPSAS with Corresponding IFRS xiii
List of IPSAS with Brief Description xv
Part 1 Introducing Public Sector Accounting
1 Introduction 3
2 Why Converge Public Sector Accounting Practices? 11
3 The IPSASB 17
Part 2 Accrual-based IPSAS
4 The IPSASB Conceptual Framework and Key Accrual Accounting Concepts 35
5 Financial Statements 55
6 Disclosure Standards 109
7 Long-Term (Non-Current) Assets 123
8 Current Assets 167
9 Service Concession Arrangements: Grantor 175
10 Leases and Leasing Arrangements 187
11 Revenues and Expenses 207
12 Employee Benefits, Social Benefits, and Other Liabilities 243
13 Provisions and Contingencies 257
14 Budget Reporting 271
15 Financial Instruments 285
16 Consolidations and Strategic Investments 307
17 Specific Standards: Accounting for Agriculture and Accounting in Hyperinflation Economies 327
18 Recommended Practice Guidelines (RPGs) 339
Part 3 Cash-Based IPSAS
19 Cash Basis IPSAS 351
Part 4 Making the Transition to IPSAS and Closing
20 Making the Transition to IPSAS 375
Conclusion 407
Annex 1: Brief Description of IPSAS 409
Annex 2: Key Characteristics of Public Sector Entities 413
Annex 3: Employee Benefits: An Overview of the Key Principles 415
Annex 4: Appendix to Chapter 21. Transition to IPSAS. Case Example: Iceland IPSAS Implementation Plan 417
Bibliography 425
Index
