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IPSASB releases exposure drafts

The International Public Sector Accounting Standards Board (IPSASB) has released for comment two new Exposure Drafts (EDs).

IPSASB releases exposure drafts
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Comments on ED 57, Impairment of Revalued Assets, and ED 58, Improvements to IPSASs 2015 are requested by January 15, 2016.

ED 57 proposes to bring property, plant and equipment, and intangible assets on the revaluation model within the scope of the IPSASB’s two standards on impairment? IPSAS 21, Impairment of Non-Cash-Generating Assets, and IPSAS 26, Impairment of Cash-Generating Assets.

According to the board, these changes seek to provide users with relevant information on impairments to these assets and to clarify that an impairment to one or more individual assets within a class of property, plant, and equipment does not necessitate a revaluation of the entire class to which that impaired asset belongs.

ED 58 proposes only minor changes as follows:



  • Consequential amendments arising from the first four chapters of the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities;



  • General improvements to International Public Sector Accounting Standards™;



  • Improvements to increase consistency with Government Finance Statistics reporting guidelines; and



  • Improvements to maintain convergence with International Financial Reporting Standards.



According to the board, this is the first IPSASB Improvements project to consider broader improvements, rather than focusing solely on those to maintain convergence with IFRS.

“Although the changes proposed in these Exposure Drafts are minor, they address concerns directly raised by our stakeholders,” said IPSASB chair Andreas Bergmann.

“As an increasing number of jurisdictions adopt IPSAS, it is important that we respond to the issues they identify. We look forward to receiving constituents’ views on these proposals.”

To access the EDs, or to submit a comment, please visit the IPSASB website at www.ipsasb.org.

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