|  | Muller-Marques Berger, Thomas
IPSAS Explained
A Summary of International Public Sector Accounting Standards
 2. Edition May 2012
57.90 Euro
2012. 256 Pages, Hardcover
ISBN 978-1-118-36871-8 - John Wiley & Sons
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| Detailed description
Public sector accounting is, at present, practiced in diverse ways globally, at odds with the tenets of New Public Management to reduce bureaucracy, and to achieve comparable standards in terms of accountability, transparency and competition. The International Public Sector Accounting Standards Board (IPSASB) is engaged in the ongoing process of harmonizing public sector accounting with their International Public Sector Accounting Standards (IPSAS).
This updated second edition includes newly approved standards of the Board (IPSAS 27 to IPSAS 32), and gives a detailed update on the Conceptual Framework Project and other projects related to IPSAS and IFRS. The book provides decision-makers in the public sector with an overview of the IPSAS and the International Public Sector Accounting Standards Board.
Opening with an examination of the objectives of the standards, the book goes on to give an overview of the principles relevant to key topics such as the accrual basis of accounting as against cash basis, fair value, present value, cost, and measurement bases. Each IPSAS is distilled into a useful and accessible summary.
From the contents
Foreword VII
Contents IX
Abbreviations XII
I. Introduction: General information about IPSASs and the IPSASB 1
1 The International Public Sector Accounting Standards Board 1
1.1 General information 1
1.2 Structure and organization of the IPSASB 2
1.3 Objectives of the IPSASB 4
1.4 Oversight of the IPSASB 4
1.5 Members of the IPSASB 6
2 International accounting standards for the public sector 7
2.1 Overview of international accounting standards for the public sector 7
2.2 History of the International Public Sector Accounting Standards 10
2.3 Scope of the International Public Sector Accounting Standards 10
2.4 General purpose financial statements 11
2.5 Authority of the International Public Sector Accounting Standards 11
2.6 Strategy of the IPSASB 13
2.7 The Conceptual Framework project 14
2.8 Other current projects of the IPSASB 19
2.9 Process for reviewing and modifying IASB documents 24
2.10 Procedures for developing accounting standards 27
2.11 IPSASs for accrual basis of accounting and cash basis of accounting 30
2.12 Background to the application of international accounting standards for the public sector 31
2.13 Provisions for the transition from the cash basis to the accrual basis of accounting 33
3 Measurement bases in accordance with IPSASs 34
3.1 Cost 34
3.2 Fair value 36
3.3 Present value 37
II. Impact of the global financial crisis and the sovereign debt crisis on public sector accounting 38
1 Context of the global financial crisis 2008-2009 38
2 Accounting issues relating to public sector interventions 40
2.1 Accounting for recapitalization or investments 41
2.2 Accounting for fiscal support 42
2.3 Accounting for financial guarantees 43
3 The sovereign debt crisis 44
3.1 Evolution of the crisis 44
3.2 Major measures taken to solve the crisis in 2010 and 2011 46
3.3 Effects of the sovereign debt crisis on public sector financial management48
III. Overview of accrual basis IPSASs 51
IPSAS 1: Presentation of Financial Statements 51
IPSAS 2: Cash Flow Statement 60
IPSAS 3: Accounting Policies, Changes in Accounting Estimates and Errors 65
IPSAS 4: The Effects of Changes in Foreign Exchange Rates 70
IPSAS 5: Borrowing Costs 73
IPSAS 6: Consolidated and Separate Financial Statements 76
IPSAS 7: Investments in Associates 82
IPSAS 8: Interests in Joint Ventures 86
IPSAS 9: Revenue from Exchange Transactions 90
IPSAS 10: Financial Reporting in Hyperinflationary Economies 95
IPSAS 11: Construction Contracts 97
IPSAS 12: Inventories 101
IPSAS 13: Leases 106
IPSAS 14: Events after the Reporting Date 112
IPSAS 15: Financial Instruments: Disclosure and Presentation 116
IPSAS 16: Investment Property 120
IPSAS 17: Property, Plant and Equipment 125
IPSAS 18: Segment Reporting 133
IPSAS 19: Provisions, Contingent Liabilities and Contingent Assets 136
IPSAS 20: Related Party Disclosures 142
IPSAS 21: Impairment of Non-Cash-Generating Assets 145
IPSAS 22: Disclosure of Information About the General Government Sector 150
IPSAS 23: Revenue from Non-Exchange Transactions (Taxes and Transfers) 153
IPSAS 24: Presentation of Budget Information in Financial Statements 160
IPSAS 25: Employee Benefits 165
IPSAS 26: Impairment of Cash-Generating Assets 175
IPSAS 27: Agriculture 181
IPSAS 28: Financial Instruments: Presentation 186
IPSAS 29: Financial Instruments: Recognition and Measurement 189
IPSAS 30: Financial Instruments: Disclosures 195
IPSAS 31: Intangible Assets 199
IPSAS 32: Service Concession Arrangements: Grantor 206
IV. Overview of current Exposure Drafts 216
IPSAS ED 46: Recommended Practice Guideline: Reporting on the Long-Term Sustainability of a Public Sector Entity's Finances 216
IPSAS ED 47: Financial Statement Discussion and Analysis 224
V. Cash Basis IPSAS 229
Cash Basis IPSAS: Financial Reporting Under the Cash Basis of Accounting 229
Further reading 236
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