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Interpretation and Application of IPSAS
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Interpretation and Application of IPSAS
by Isabelle Andernack, Caroline Aggestam-Pontoppidan
Interpretation and Application of IPSAS
Foreword
Acknowledgements
About the Authors
Caroline Aggestam Pontoppidan
Isabelle Andernack
List of IPSAS with Corresponding IFRS
Full Listing of all IPSAS and IFRS “Equivalent” As at 2 March 2015
List of IPSAS with Brief Description
Disclaimer
Part 1 Introducing Public Sector Accounting
1 Introduction
Aim of the Book
IPSAS and Public Sector Entities
Structure of the Book
Notes
2 Why Converge Public Sector Accounting Practices?
Transparency
Accountability
Why is there an Interest in Global Convergence of Public Sector Accounting?
Conclusion
Notes
3 The IPSASB
A Review of Events that have Shaped Today's IPSASB
Current Objectives, Structure, and Members of the IPSASB
Relationship between the IASB and the IPSASB
Oversight and Governance of the IPSASB
IPSASB Work in Process
New Pronouncements
Work-in-progress
Conclusion
Notes
Part 2 Accrual-based IPSAS
4 The IPSASB Conceptual Framework and Key Accrual Accounting Concepts
Principles-based Accrual Accounting
Background and Purpose of the IPSASB Conceptual Framework
The Content of the Conceptual Framework
Notes
5 Financial Statements
Presentation of Financial Statements
Structure, Frequency, and Content of Financial Statements
Segment Reporting
Accounting Policies, Changes in Accounting Estimates, and Errors
Events After the Reporting Date
Notes
6 Disclosure Standards
Related Party Disclosures
Loans
Disclosure about the General Government Sector
Notes
7 Long-Term (Non-Current) Assets
Property, Plant and Equipment (PP&E) (IPSAS 17)
Borrowing Costs (IPSAS 5)
Intangibles (IPSAS 31)
Investment Property (IPSAS 16)
Impairment (IPSAS 21 and IPSAS 26)
Notes
8 Current Assets
Inventories versus Property, Plant, and Equipment
Inventory (IPSAS 12)
9 Service Concession Arrangements: Grantor
Service Concession Arrangements: Grantor
Note
10 Leases and Leasing Arrangements
Does an Arrangement Contain a Lease?
Substance Over Form
Accounting Treatment by Lessees
Accounting Treatment by Lessors
Sale and Leaseback Transactions
Disclosures
11 Revenues and Expenses
Non-Exchange Revenue (IPSAS 23)
Measurement
Revenue from Exchange Transactions (IPSAS 9)
Transactions that Include Both an Exchange and Non-Exchange Component
Principal–Agent Accounting
Construction Contracts (IPSAS 11)
Expense Recognition
Notes
12 Employee Benefits, Social Benefits, and Other Liabilities
Contributions Received in Advance, Accounts Payable, and Accrued Liabilities
Employee Benefits (IPSAS 25)
Social Benefits
Notes
13 Provisions and Contingencies
How to Distinguish between Provisions, Accruals, and Payables
Note
14 Budget Reporting
Excessive Deficit Procedure
Stability and Growth Pact
The Role of IPSAS 24 on Presentation of Budget Information in Financial Statements
Applying IPSAS 24 on the Presentation of Budget Information in Financial Statements
Notes
15 Financial Instruments
What is a Financial Instrument?
Financial Instruments: Presentation
Offsetting
Financial Instruments: Recognition and Measurement
Financial Instruments: Disclosure
16 Consolidations and Strategic Investments
Consolidated and Separate Financial Statements (IPSAS 6)
Investments in Associates (IPSAS 7)
Joint Ventures (IPSAS 8)
Separate Financial Statements (IPSAS 34)
Disclosure of Interests in Other Entities (IPSAS 38)
Notes
17 Specific Standards: Accounting for Agriculture and Accounting in Hyperinflation Economies
Agriculture (IPSAS 27)
1. GENERAL INFORMATION
14. BIOLOGICAL ASSETS
Valuation methodology
Discount rate
Market overview
Financial Reporting in Hyperinflationary Economies (IPSAS 10)
Conclusion
Note
18 Recommended Practice Guidelines (RPGs)
Reporting on the Long-Term Sustainability of an Entity's Finances (RPG 1)
Financial Statement Discussion and Analysis (RPG 2)
Reporting Service Performance Information (RPG 3)
Conclusion
Notes
Part 3 CASH-BASED IPSAS
19 Cash Basis IPSAS
Content Part 1 Cash Basis IPSAS (Mandatory)
Examples of Use of Cash Basis IPSAS
Content Part 2 Cash Basis IPSAS (Non-Mandatory)
Notes
Part 4 MAKING THE TRANSITION TO IPSAS AND CLOSING
20 Making the Transition to IPSAS
Transitioning to IPSAS
Project Management Perspective
What is the Starting Point for Transition? Different Paths of IPSAS Adoption
First-time Adoption of Accrual Basis IPSAS (IPSAS 33)
Conclusion
Notes
Conclusion
Notes
Annex 1: Brief Description of IPSAS
Annex 2: Key Characteristics of Public Sector Entities1
Notes
References
Annex 3: Employee Benefits: An Overview of the Key Principles
3.1 Short-term Employee Benefits
3.2 Post-Employment Benefits
3.3 Termination Benefits
3.4 Other Long-term Employee Benefits
Notes
Annex 4: Appendix to Chapter 21. Transition to IPSAS. Case Example: Iceland IPSAS Implementation Plan1
Notes
Bibliography
Index
EULA
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