The International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants (IFAC) has published the 2009 Handbook of International Public Sector Accounting Pronouncements. The handbook provides a single source for financial statement preparers to locate all International Public Sector Accounting Standards (IPSASs). These standards are intended to be used to prepare financial statements for national, state, and local governments and their agencies, as well as international public sector bodies, such as the United Nations and the Organisation for Economic Cooperation and Development.
 
"The IPSASB is making significant progress on its ambitious work program to achieve substantial convergence with International Financial Reporting Standards. We plan to achieve this by the end of 2009," states Mike Hathorn, IPSASB Chairman. "It is anticipated, therefore, that while changes to the 2009 handbook are minimal, changes to the 2010 handbook will be significant, with new IPSASs planned on financial instruments, intangible assets, entity combinations, and agriculture," adds Hathorn.

The 2009 IPSASB Handbook contains all pronouncements of the IPSASB as of December 31, 2008, as well as the Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants. The Code is applicable to all professional accountants, including those practicing in the public sector. The updated handbook also includes editorial corrections identified since the publication of the 2008 handbook, as well as amendments to the Code of Ethics.

The handbook can be downloaded in PDF format from the IFAC online bookstore (www.ifac.org/store), and print copies can be ordered now for immediate shipment. Print copies of the handbook are free of charge, except for a US$25.00 shipping cost.

About IFAC
IFAC (www.ifac.org) is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 157 members and associates in 122 countries, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce. In addition to setting international public sector financial reporting standards through the IPSASB, IFAC, through its independent standard-setting boards, sets ethics, auditing and assurance, and education standards. It also issues guidance to encourage high-quality performance by professional accountants in business.

The International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants (IFAC) has published an exposure draft (ED), entitled ED 36, Agriculture. This ED is part of the IPSASB's global convergence program, scheduled for completion by December 31, 2009, that will substantially converge International Public Sector Accounting Standards (IPSASs) with International Financial Reporting Standards (IFRSs) approved at December 31, 2008. It proposes an IPSAS that converges with the International Accounting Standards Board's International Accounting Standard 41, Agriculture, with limited changes to ensure consistency with other IPSASs. These changes include an acknowledgement that, in some jurisdictions, biological assets may be sold or transferred for nominal amounts.

"Converging IPSASs with IFRSs, where appropriate for the public sector, is one of the key objectives of our standards development program," states Mike Hathorn, Chair of the IPSASB. "This exposure draft proposes clear financial reporting requirements for agricultural activity in the public sector in order to ensure that the private and public sectors report similar activities in a consistent fashion."

How to Comment
Comments on ED 36 are requested by June 30, 2009. The ED may be viewed by going to www.ifac.org/EDs. Comments may be submitted by email to EDComments@ifac.org and stepheniefox@ifac.org. They can also be faxed to the attention of the IPSASB Technical Director at +1 (416) 977-8585, or mailed to the IPSASB Technical Director at 277 Wellington Street West, 4th Floor, Toronto, Ontario M5V 3H2, Canada. All comments will be considered a matter of public record and will ultimately be posted on the IFAC website.

About IFAC
IFAC (www.ifac.org/) is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 157 members and associates in 122 countries, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce. In addition to setting international public sector financial reporting standards through the IPSASB, IFAC, through its independent standard-setting boards, sets ethics, auditing and assurance, and education standards. It also issues guidance to encourage high-quality performance by professional accountants in business.

The International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants (IFAC) has published a Spanish-language translation of its 2007 Handbook of International Public Sector Accounting Pronouncements. This edition contains translations of 24 accrual basis International Public Sector Accounting Standards (IPSASs) and the comprehensive cash basis IPSAS. This translation revises the translation of the 2005 Handbook of International Public Sector Accounting Pronouncements and will increase the accessibility of the most recent standards. This will further help to enhance the accountability and transparency of governmental financial reporting. Key changes from the previous translation include 3 additional IPSASs and revised versions of 11 other IPSASs.

IPSASs set out the requirements for financial reporting by governments and other public sector entities other than government business enterprises. The accrual IPSASs are based on International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB) to the extent that the requirements in those standards are applicable to the public sector.

"Providing an updated Spanish translation is critical to the IPSASB's mission to assist public sector entities throughout the world, and in particular in the key constituency of Latin America," states Mike Hathorn, IPSASB Chairman.

The Spanish translation of the IPSASs was undertaken by the IPSASB in conjunction with the International Accounting Standards Committee Foundation, which also prepares translations of IFRSs for the IASB. This will ensure that the English and Spanish versions of the IPSASs converge with the respective English and Spanish versions of the IFRSs, where appropriate.

It is important to note, however, that the English version of the IPSASs is the official authoritative version of the standards. The 2009 Handbook was recently released in English.

The Spanish handbook is available free of charge in print and electronic versions from the IPSASB section of the IFAC online bookstore (www.ifac.org/store). For printed copies, shipping charges of US$25 per handbook apply. For express courier service, please contact Yansa Morel at +1 (212) 471-8722.

About IFAC
IFAC (www.ifac.org/) is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 157 members and associates in 122 countries, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce. In addition to setting international public sector financial reporting standards through the IPSASB, IFAC, through its independent standard-setting boards, sets ethics, auditing and assurance, and education standards. It also issues guidance to encourage high-quality performance by professional accountants in business.

El Consejo de Normas Internacionales de Contabilidad del Sector Público (International Public Sector Accounting Standards Board/IPSASB) de la Federación Internacional de Contadores (International Federation of Accountants/IFAC) publicó una traducción al idioma español de su Manual de Pronunciamientos Internacionales de Contabilidad del Sector Público. Esta edición contiene traducciones de 24 Normas Internacionales de Contabilidad del Sector Público (NICSP) (International Public Sector Accounting Standards/IPSAS) basadas en el método contable de acumulación y la NICSP de Base de Efectivo. Esta traducción modifica lo que contiene el Manual de Declaraciones Internacionales de Contabilidad para el Sector Público 2005 y aumentará el acceso a las normas más recientes. Además, esto ayudará a mejorar el nivel de responsabilidad y transparencia en la generación de informes financieros gubernamentales. Los cambios clave de la traducción anterior incluyen tres NICSP adicionales, así como versiones revisadas de otras once NICSP.

Las NICSP establecen los requisitos para la elaboración de informes financieros que emiten los gobiernos y otras entidades del sector público que no sean empresas comerciales del gobierno. Las NICSP sobre el método contable de acumulación se basan en las Normas Internacionales de Información Financiera (NIIF) que son emitidas por el Consejo de Normas Internacionales de Contabilidad (International Accounting Standards Board/IASB) en la medida en que los requisitos incluidos en esas normas se apliquen al sector público.

"Proporcionar una traducción al español actualizada es vital para la misión del IPSASB de ayudar a las entidades del sector público en todo el mundo, y en particular en la comunidad de usuarios clave de América Latina", señala Mike Hathorn, Presidente del IPSASB.

El IPSASB se encargó de realizar la traducción al español de las NICSP junto con la Fundación del Comité de Normas Internacionales de Contabilidad, la cual también prepara traducciones de las NIIF para el IASB. Esto garantizará que las versiones en español e inglés de las IPSAS coincidan con las versiones respectivas en inglés y español de las NIIF, cuando corresponda.

Sin embargo, es importante mencionar que la versión en inglés de las NICSP es la versión oficial fidedigna de las normas. El Manual 2009 se publicó en inglés recientemente.

El manual en español está disponible en forma gratuita en versiones impresa y electrónica de la sección del sector público en la librería virtual de IFAC (www.ifac.org/store). En el caso de copias impresas, se aplican cargos de envío de US$ 25 por cada manual. Para envíos inmediatos por mensajería, comuníquese con Yansa Morel llamando al +1 (212) 471-8722.
 
Acerca de IFAC
IFAC (www.ifac.org/) es la organización internacional para la profesión de la contaduría que se dedica a atender el interés del público fortaleciendo la profesión y contribuyendo al desarrollo de economías internacionales sólidas. IFAC está compuesta por 157 miembros y asociados en 122 países, que representan a más de 2,5 millones de contadores que trabajan en forma privada y en los sectores educativo, gubernamental, industrial y comercial. Además de emitir las normas internacionales de información financiera para el sector público a través del IPSASB, IFAC, mediante sus consejos independientes emisores de normas, establece normas de ética, auditoría y aseguramiento y educativas. También emite guías para que los contadores profesionales se desempeñen de acuerdo con parámetros de alta calidad.

This handbook brings together for continuing reference background information about the International Federation of Accountants (IFAC) and the currently effective pronouncements for the public sector issued by IFAC as of February 15, 2009.

The International Public Sector Accounting Standards Board (IPSASB), an independent standard-setting board of the International Federation of Accountants (IFAC), has issued for comment the first in a series of consultation papers focused on the development of an international public sector conceptual framework. Entitled Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities, the consultation paper represents a landmark achievement for the public sector financial reporting community.

The consultation paper identifies the IPSASB's preliminary views on the objectives and scope of financial reporting, the qualitative characteristics of information included in general purpose financial reports and the characteristics of public sector reporting entities. 

 "Our ultimate goal is to develop a framework that makes explicit the concepts, definitions, and principles that underpin the development of IPSASs," states IPSASB Chair Mike Hathorn. "Since it will apply across countries and jurisdictions with different political systems and forms of government, the framework will recognize the diversity that exists in the many jurisdictions that may adopt IPSASs and help to strengthen the transparency and consistency of financial reporting by governments worldwide. This makes receiving a broad spectrum of comments on this paper, and all our consultation papers, all the more significant."

"Given the important role the conceptual framework will eventually play in the future standard-setting activities of the IPSASB, I strongly urge constituents to respond to the views expressed in this milestone paper," adds Mr. Hathorn.

How to Comment
Comments on the consultation paper are requested by March 31, 2009. It may be viewed and downloaded by going to https://www.ifac.org/Guidance/EXD-Details.php?EDID=0119. Comments may be submitted by email to EDComments@ifac.org. They can also be faxed to the attention of the IPSASB Technical Director at +1 (416) 977-8585, or mailed to the IPSASB Technical Director at 277 Wellington Street West, 6th Floor, Toronto, Ontario M5V 3H2, Canada.   All comments will be considered a matter of public record and will ultimately be posted on the IFAC website.

About IFAC

IFAC (https://www.ifac.org/) is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 157 members and associates in 123 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to setting international public sector financial reporting standards through the IPSASB, IFAC, through its independent standard-setting boards, sets ethics, auditing and assurance, and education standards. It also issues guidance to encourage high quality performance by professional accountants in business.

The International Public Sector Accounting Standards Board (IPSASB), an independent standard-setting board within the International Federation of Accountants (IFAC), is seeking comments on its proposed changes to IPSAS 5, Borrowing Costs, set forth in exposure draft (ED) 35, Borrowing Costs (Revised 200X). 
 
"Public sector entities borrow for a variety of reasons, most of which are unrelated to asset acquisition," said Mike Hathorn, Chair of the IPSASB. "The IPSASB concluded that requiring public sector entities to capitalize borrowing costs as part of the cost of qualifying assets would not satisfy the qualitative characteristics of general purpose financial reporting, particularly related to the reliability of information reported. The immediate expensing of these borrowing costs instead will enhance the accountability of public sector entities." 

Most notably, ED 35 proposes amendments to reflect that in many circumstances the capitalization of borrowing costs as part of the cost of an asset is not appropriate for public sector entities.  This view, a departure from both IPSAS 5 and International Accounting Standards Board's International Accounting Standard 23, Borrowing Costs, is an evolution from public sector consideration of the issue.  The ED proposes that entities recognize borrowing-related expenses, such as interest or loan origination fees, during the period in which they are incurred. The ED also proposes, however, that where entities borrow funds specifically to acquire, construct or produce a qualifying asset, the entity has the option to capitalize those costs as part of the cost of that asset.

ED 35 may be viewed and downloaded by going to https://www.ifac.org/EDs. The IPSASB values the public's opinion and welcomes comments on its decision to require entities to expense borrowing costs, except in the circumstances outlined.

How to Comment
Comments on ED 35 are requested by January 7, 2009, and may be submitted via email at EDcomments@ifac.org.  Comments can also be faxed to the attention of the IPSASB Technical Director at +1 (416) 977-8585, or mailed to the IPSASB Technical Director at 277 Wellington Street West, 6th Floor, and Toronto, Ontario M5V 3H2, Canada. All comments will be considered a matter of public record and, ultimately, will be posted on the IFAC website.

About IFAC
IFAC (www.ifac.org) is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 157 members and associates in 123 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to setting international public sector financial reporting standards through the IPSASB, IFAC, through its independent standard-setting boards, sets ethics, auditing and assurance, and education standards. It also issues guidance to encourage high quality performance by professional accountants in business.