PFM Board
Internal and External Audit => External Audit, an essential oversight function => Topic started by: chandra on November 09, 2017, 05:04:16 GMT
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Dear Professional Colleagues,
The International Public Sector Accounting Standards Board (IPSASB) has issued a revised IPSAS, Financial Reporting under the Cash Basis of Accounting. The amendments address some of the main barriers to adoption of this standard. This revised version of the Cash Basis IPSAS implements the proposals made in Exposure Draft 61, Amendments to Financial Reporting under the Cash Basis of Accounting.
The revised version takes effect on January 1, 2019, with earlier adoption encouraged.
Further to this, The International Public Sector Accounting Standards Board (IPSASB) has issued Exposure Draft 63, Social Benefits. The ED addresses accounting for the delivery of social benefits, such as retirement, unemployment, and disability, aiming to improve consistency, transparency, and reporting by public sector entities of social benefit schemes, which account for a large portion of government expenditure in most jurisdictions. The ED 63 defines social benefits and proposes requirements for the recognition and measurement of social benefit schemes. It also proposes disclosure requirements that provide additional information for users to evaluate the effect of social benefits on future government finances.
For more details, please visit: https://www.ifac.org/system/files/publications/files/ED-63-Social-Benefits.pdf
With Best Regards,
Chandra Kanta Bhandari, FCA, CPFA