Deloitte Summary of Public Sector Standards

Wednesday, February 15, 2012 Print Email

Deloitte has published the 2012 edition of IPSAS Summary, which provides a summary of the provisions of all International Public Sector Accounting Standards (IPSAS) on issue at 1 February 2012.

A number of countries are currently considering whether to adopt IPSAS for public sector entities or non-profit organisations. For instance, New Zealand is currently considering a regime for 'Public benefit entities (PBE)' which would see the establishment of a set of 'NZ PBE standards' based on IPSAS modified as appropriate for New Zealand circumstances and not-for-profit entities.

Many IPSAS are based on equivalent International Financial Reporting Standards (IFRSs), with adjustments for matters specific to the public sector. As such, the IPSAS require accrual based accounting which is not always applied by public sector entities in many countries of the world. The Confederation of Asian and Pacific Accountants (CAPA) late last year called for many more countries to adopt IPSAS, particularly in light of the "growing number of sovereign debt concerns arising around the world".

Source: Deloitte

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