Public sector reporting

The International Public Sector Accounting Standards Board has issued International Public Sector Accounting Standard (IPSAS) 33, First-time Adoption of Accrual Basis IPSASs. IPSAS 33 grants transitional exemptions to entities adopting the accrual basis IPSASs for the first time 

It has also issued:

• IPSAS 34, Separate Financial Statements;
• IPSAS 35, Consolidated Financial Statements;
• IPSAS 36, Investments in Associates and Joint Ventures;
• IPSAS 37, Joint Arrangements; and
• IPSAS 38, Disclosure of Interests in Other Entities.

These five standards will replace current requirements in:

• IPSAS 6, Consolidated and Separate Financial Statements;

• IPSAS 7, Investments in Associates; and

• IPSAS 8, Interests in Joint Ventures. 

An entity shall apply these Standards for annual financial statements covering periods beginning on or after 1 January 2017 with earlier application being encouraged.

Where applied early it should be disclosed that IPSAS 34, 35, 36, 37, and 38 have been adopted.

The new standards can be accessed via the related links aside, to the IFAC website.