Interpretation and Application of IPSAS

Clear, practical IPSAS guidance, explanation, and examples
Interpretation and Application of IPSAS provides practical guidance on the implementation and application of the International Public Sector Accounting Standards. This book brings readers up to date on the standards, and describes their proper interpretation and real-world application. Examples and mini-case studies clarify the standards' roles throughout, giving readers a better understanding of complex processes, especially where the IPSAS deviate from IFRS. Readers also gain insight into smoothly navigating the transition for a public sector entity, which is moving to either IPSAS under accrual basis of accounting or to cash accounting IPSAS, plus an overview of IPSAS adoption status and methods around the world.

Global public sector accounting is highly diversified, resulting in ongoing moves to harmonise standards worldwide. The IPSAS are international standards that largely follow the IFRS model, but differ in some key areas and include standards in places where IFRS has none. This book provides complete guidance to IPSAS, with clear explanation and expert insight.

Understand the meaning and role of each standard
Apply the standards to real-world scenarios
Manage the process of transition to IPSAS
These standards are meant to be followed by all public sector entities, including national and regional governments and local authorities. They've been adopted by the UN, NATO, the European Commission, and others, and either have been or soon will be adopted in Malaysia, Switzerland, Spain, and more.

Clear, practical IPSAS guidance, explanation, and examples

Interpretation and Application of IPSAS provides
practical guidance on the implementation and application of the
International Public Sector Accounting Standards. This book brings
readers up to date on the standards, and describes their proper
interpretation and real-world application. Examples and mini-case
studies clarify the standards' roles throughout, giving readers a
better understanding of complex processes, especially where the
IPSAS deviate from IFRS. Readers also gain insight into smoothly
navigating the transition for a public sector entity, which is
moving to either IPSAS under accrual basis of accounting or to cash
accounting IPSAS, plus an overview of IPSAS adoption status and
methods around the world.

Global public sector accounting is highly diversified, resulting
in ongoing moves to harmonise standards worldwide. The IPSAS are
international standards that largely follow the IFRS model, but
differ in some key areas and include standards in places where IFRS
has none. This book provides complete guidance to IPSAS, with clear
explanation and expert insight.

• Understand the meaning and role of each standard

• Apply the standards to real-world scenarios

• Manage the process of transition to IPSAS

These standards are meant to be followed by all public sector
entities, including national and regional governments and local
authorities. They've been adopted by the UN, NATO, the European
Commission, and others, and either have been or soon will be
adopted in Malaysia, Switzerland, Spain, and more.

Autorentext

Caroline Aggestam Pontoppidan, Copenhagen, Denmark is an Associate Professor in Public Sector Accounting and Auditing at Copenhagen Business School. She is also a project manager for UNOPS (an operational arm of the United Nations, helping a range of partners implement $1 billion worth of aid and development projects every year) overseeing the implementation of International Public Sector Accounting (IPSAS). Previous experience includes audit work and project management with The Global Fund to fight Aids, Tuberculosis and Malaria, Geneva, Switzerland, UNCTAD, Geneva, Switzerland and the UNICEF Supply Division, Copenhagen.

Isabelle Andernack, Meudon-la-Forêt, France is Accountancy Administrator, BIPM (International Bureau of Weights & Measures). She is the project leader of the BIPM transition from cash accounting to the accrual basis of accounting under IPSAS. Her current teaching activities include: IPSAS, consolidation and public management courses at Paris I Panthéon-Sorbonne (Master 2 Audit, Contrôle et Management Public), IFRS in order to prepare the CIIA at CFAF (Training Centre for Financial Analysts). She is formerly a Partner, and Technical Director of audit division, Fiducial Audit, as well as having worked in the Audit and IFRS teams at Deloitte, PwC and KPMG.

Zusammenfassung
Clear, practical IPSAS guidance, explanation, and examples Interpretation and Application of IPSAS provides practical guidance on the implementation and application of the International Public Sector Accounting Standards. This book brings readers up to date on the standards, and describes their proper interpretation and real-world application. Examples and mini-case studies clarify the standards' roles throughout, giving readers a better understanding of complex processes, especially where the IPSAS deviate from IFRS. Readers also gain insight into smoothly navigating the transition for a public sector entity, which is moving to either IPSAS under accrual basis of accounting or to cash accounting IPSAS, plus an overview of IPSAS adoption status and methods around the world.

Global public sector accounting is highly diversified, resulting in ongoing moves to harmonise standards worldwide. The IPSAS are international standards that largely follow the IFRS model, but differ in some key areas and include standards in places where IFRS has none. This book provides complete guidance to IPSAS, with clear explanation and expert insight.

• Understand the meaning and role of each standard
• Apply the standards to real-world scenarios
• Manage the process of transition to IPSAS
  These standards are meant to be followed by all public sector entities, including national and regional governments and local authorities. They've been adopted by the UN, NATO, the European Commission, and others, and either have been or soon will be adopted in Malaysia, Switzerland, Spain, and more.

Leseprobe
1 Introduction

International Public Sector Accounting Standards (IPSAS) are gaining increasing acceptance globally (see Table 1.1 for a full listing of all IPSAS). Public administrators are today encountering important challenges in reducing the distance between accounting systems within countries as well as across borders. This entails a move towards harmonization 1 of accounting practices in the public sector and thus requires choosing an appropriate set of accounting and financial reporting standards (see also Caperchione, 2015).

Table 1.1 Full listing of all IPSAS and IFRS "equivalent" as at 1 March 2015
IPSAS IFRS "equivalent" (if applicable) IPSAS 1-Presentation of Financial Statements IAS 1 IPSAS 2-Cash Flow Statements IAS 7 IPSAS 3-Accounting Policies, Changes in Accounting Estimates and Errors IAS 8 IPSAS 4-The Effects of Changes in Foreign Exchange Rates IAS 21 IPSAS 5-Borrowing Costs IAS 23 IPSAS 6-Consolidated and Separate Financial Statements 6 IAS 27 (replaced) IPSAS 7-Investments in Associates 7 IAS 28 (replaced) IPSAS 8-Interests in Joint Ventures 8 IAS 31 (replaced) IPSAS 9-Revenue from Exchange Transactions IAS 18 IPSAS 10-Financial Reporting in Hyperinflationary Economies IAS 29 IPSAS 11-Construction Contracts IAS 11 IPSAS 12-Inventories IAS 2 IPSAS 13-Leases IAS 17 IPSAS 14-Events after the Reporting Date IAS 10 IPSAS 15- (withdrawn) 9 IPSAS 16-Investment Property IAS 40 IPSAS 17-Property, Plant, and Equipment IAS 16 IPSAS 18-Segment Reporting IAS 14 (replaced) IPSAS 19-Provisions, Contingent Liabilities and Contingent Assets IAS 37 IPSAS 20-Related Party Disclosures IAS 24 IPSAS 21-Impairment of Non-Cash-Generating Assets N/A 10 IPSAS 22-Disclosure of I…