ASCA Jordan

New Standards

●      IPSAS 5, Borrowing Costs – Non-Authoritative Guidance (issued November 2021);

●      Improvements to IPSAS, 2021 (issued January 2022); and

●      IPSAS 43, Leases (issued January 2022).

Amendments

A number of IPSAS were amended as a result of the IPSASB’s Improvement to IPSAS, 2021 project. This project involves making non-urgent but necessary changes to IPSAS. The following IPSAS have been amended:

●      IPSAS 17, Property, Plant, and Equipment;

●      IPSAS 19, Provisions, Contingent Liabilities, and Contingent Assets;

●      IPSAS 22, Disclosure of Financial Information about the General Government Sector;

●      IPSAS 29, Financial Instruments: Recognition and Measurement;

●      IPSAS 30, Financial Instruments: Disclosures;

●      IPSAS 33, First-time Adoption of Accrual Basis International Public Sector Accounting Standards (IPSASs);

●      IPSAS 39, Employee Benefits; and

●      IPSAS 41, Financial Instruments.

The most important changes of the 2020 version are as follows:- 

The IPSASB approved amendments to IPSAS 19, Provisions, Contingent Liabilities and Contingent Assets and IPSAS 42, Social Benefits as a result of the IPSASB’s Collective and Individual Services (Amendments to IPSAS 19).
A number of IPSAS were also amended as a result of the IPSASB’s Improvement to IPSAS, 2019 project. This project involves making non-urgent but necessary changes to IPSAS. The following documents have been amended:
• IPSAS 5, Borrowing Costs;
• IPSAS 13, Leases;
• IPSAS 21, Impairment of Non-Cash-Generating Assets
• IPSAS 26, Impairment of Cash-Generating Assets
• IPSAS 30, Financial Instruments: Disclosures;
• IPSAS 33, First-time Adoption of Accrual Basis International Public Sector Accounting Standards (IPSASs);
• IPSAS 40, Public Sector Combinations.

The most important changes of the 2019 version are as follows: - 
New Standards
The IPSASB approved the following Standards which are included in this Handbook:
• IPSAS 41, Financial Instruments
• IPSAS 42, Social Benefits
• Improvements to IPSAS, 2018
• Amendments to IPSAS 36, Investments in Associates and Joint Ventures, and IPSAS 41, Financial Instruments

Amendments
A number of IPSAS were amended as a result of the IPSASB’s Improvement to IPSAS. These amendments involves making necessary changes to IPSAS.
• IPSAS 10, Financial Reporting in Hyperinflationary Economies;
• IPSAS 22, Disclosure of Financial Information about the General Government Sector;
• IPSAS 24, Presentation of Budget Information in Financial Statements;
• IPSAS 16, Investment Property;
• IPSAS 17, Property, Plant, and Equipment;
• IPSAS 31, Intangible Assets;
• IPSAS 33, First-time Adoption of Accrual Basis International Public Sector Accounting Standards (IPSASs); and
• IPSAS 34, Separate Financial Statements.

The latest Arabic version of the International Public Sector Accounting Standards after being amended by IPSASB which includes   Cash Basis IPSAS—Financial Reporting under the Cash Basis of Accounting.

International Public Sector Accounting Standard (IPSAS) 25, Employee Benefits has been superseded by IPSAS 39, Employee Benefits. As a result IPSAS 25 is no longer applicable and has been withdrawn.

The most important changes of the 2017 version are as follows :-       

New Standards

The International Public Sector Accounting Standards Board (IPSASB) approved the following Standards which are included in the Handbook:

• IPSAS 39 , Employee Benefits

• IPSAS 40, Public Sector Combinations

 A number of standards were amended as a result of the Board’s improvements to IPSASs, the applicability of IPSASs and the impairment of revalued assets.

Other amendments included the withdrawal of IPSAS 6 , Consolidated and Separate Financial Statements, IPSAS 7, Investments in Associates and IPSAS 8, Interests in Joint Ventures have been superseded by IPSAS 34, Separate Financial Statements, IPSAS 35, Consolidated Financial Statements, IPSAS 36, Investments in Associates and Joint Ventures, IPSAS 37, Joint Arrangements and IPSAS 38, Disclosure of Interests in other Entities.

The Handbook contains the complete set of the International Public Sector Accounting Standards Board (IPSASB) pronouncements on public sector financial reporting.

The most important change of the 2016 version is the inclusion of the  Recommended Practice Guideline 3 “ Reporting Service Performance” which was approved by IPSASB.

This Recommended Practice Guideline (RPG) provides guidance on reporting service performance information in General Purpose Financial Reports (GPFRs). Service performance information assists users of GPFRs (hereafter termed “users”) to assess the entity’s service efficiency and effectiveness.

The most important changes of the 2015 version are the changes in the New Standards.

The IPSASB approved the following Standards which are included in this Handbook:
• IPSAS 33, First-time Adoption of International Public Sector Accounting Standards (IPSASs)
• IPSAS 34, Separate Financial Statements
• IPSAS 35, Consolidated Financial Statements
• IPSAS 36, Investments in Associates and Joint Ventures
• IPSAS 37, Joint Arrangements
• IPSAS 38, Disclosure of Interests in Other Entities

A number of IPSASs were amended as a result of the IPSASB’s Improvements to IPSASs 2014 project. This project involves making non-urgent but necessary changes to IPSASs. The following documents have been amended:
• IPSAS 1, Presentation of Financial Statements;
• IPSAS 17, Property, Plant, and Equipment;
• IPSAS 28, Financial Instruments: Presentation; and
• IPSAS 31, Intangible Assets.

The Preface and Chapters 5–8 of the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities were approved in September 2014 and issued in October 2014

to Read Volume I
            Volume II

• International Public Sector Accounting Standard (IPSAS) 15, Financial Instruments: Disclosure and Presentation has been superseded by IPSAS 28, Financial Instruments: Presentation;
• IPSAS 29, Financial Instruments: Recognition and Measurement; and IPSAS 30, Financial Instruments: Disclosures. These Standards apply for annual financial statements covering periods beginning on or after January 1, 2013. As a result, IPSAS 15 is no longer applicable and has been withdrawn.
• Introduction of Recommended Practice Guidelines (RPGs). RPGs are pronouncements that provide guidance on good practice in preparing General Purpose Financial Reports (GPFRs) that are not financial statements. 

The 2013 edition includes Chapters 1-4 of the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities, which were issued in January 2013. The 2013 handbook also includes an updated list of those International Public Sector Accounting Standards (IPSASs) that are applicable to annual financial statements covering periods beginning on or after January 1, 2013, and a list of those IPSASs that are applicable to annual financial statements covering periods beginning on or after January 1, 2014. 

The standards and pronouncements in each of the handbooks were developed by the IPSASB, respectively. The structures and processes that support the operations of these independent standard-setting boards, including publishing the handbooks, are facilitated by IFAC. 

To read part 1 click here 
To read part 2 click here

The latest Arabic version of the International Public Sector Accounting Standards after being amended by IPSASB.

In 2011, the IPSASB finalized IPSAS 32, Service Concession Arrangements: Grantor. IPSAS 32 is effective for annual financial statements covering periods beginning on or after January 1, 2014.

A number of IPSASs were amended as a result of the IPSASB’s Improvements to IPSASs 2011 project. This project involves making necessary changes to IPSASs.

In addition, the text of the IPSASB’s Terms of Reference and the Glossary of Defined Terms have been revised.

To read part 1 click here
To read part 2 click here

The approved Arabic translation includes the following:-

A number of IPSASs were amended as a result of the IPSASB’s Improvements 2010 project. This project involves making non-urgent but necessary changes to IPSASs as a result of changes made by the IASB to various IFRSs and the IPSASB’s general review of existing IPSASs. The following documents have been amended:-

 • IPSAS 1, Presentation of Financial Statements;
• IPSAS 2, Cash Flow Statements;
• IPSAS 3, Accounting Policies, Changes in Accounting Estimates and Errors;
• IPSAS 7, Investments in Associates;
• IPSAS 9, Revenue from Exchange Transactions;
• IPSAS 10, Financial Reporting in Hyperinflationary Economies;
• IPSAS 12, Inventories;
• IPSAS 13, Leases;
• IPSAS 18, Segment Reporting;
• IPSAS 20, Related Party Disclosures;
• IPSAS 21, Impairment of Non-Cash-Generating Assets;
• IPSAS 25, Employee Benefits; and
• IPSAS 26, Impairment of Cash-Generating Assets.

These amendments are effective for annual financial statements covering periods beginning on or after January 1, 2012. The 2010 edition of this Handbook contains the superseded versions of these Standards and will remain available on www.ifac.org .

To read part 1 click here
To read part 2 click here

This handbook includes:-
(A) The following Standards which are included in this Handbook:
• IPSAS 27, “Agriculture”
• IPSAS 28, “Financial Instruments: Presentation”
• IPSAS 29, “Financial Instruments: Recognition and Measurement”
• IPSAS 30, “Financial Instruments: Disclosures”
• IPSAS 31, “Intangible Assets”

These Standards are effective from the dates noted in the Standards.

(B) A number of IPSASs were amended as a result of the IPSASB’s Improvements Project; namely (1, 2, 3, 7, 8, 10, 14, 16, 17, 25 and 26). This project involves making non-urgent but necessary changes to IPSASs as a result of changes made by the IASB to various IFRSs.

These amendments are effective for annual financial statements covering periods beginning on or after January 1, 2011.

To read part 1 click here.
To read part 2 click here.

The latest Arabic translation of the Handbook of International Public Sector Accounting Standards, in two parts for the first time. For 2008, the International Public Sector Accounting Standards Board (IPSASB) has finalized and published the following standards:-

• IPSAS 4, “The Effects of Changes in Foreign Exchange Rates” (Revised);
• IPSAS 25, “Employee Benefits”;
• IPSAS 26, “Impairment of Cash-Generating Assets”;
• The Cash Basis IPSAS, “Financial Reporting under the Cash Basis of Accounting”.

In addition, the following IPSASs were amended by the issuance of IPSAS 26:-
• IPSAS 21, “Impairment of Non-Cash Generating Assets”; and
• “Glossary of Defined Terms.”
To read the e-copyclick here.

The Handbook includes the following:-

• References to the Public Sector Committee References to the International Auditing Practices Committee (IAPC) of IFAC.
• The Public Sector Committee’s Guideline No.1, “Financial Reporting by Government Business Enterprises” has been withdrawn as of November 2002.
• The International Ethics Standards Board for Accountants (IESBA) issued a revised Code of Ethics for Professional Accountants (the Code) establishing a conceptual framework for all professional accountants to ensure compliance with the five fundamental principles of professional ethics.
• The IESBA has issued an exposure draft proposing a revision to the “network firm” definition contained in Section 290
  

   

The Arabic version of the International Accounting Standards for the Public Sector Enterprises. The translation includes all pronouncements issued by IFAC in this regard. The book is an important reference on accounting practices and processes for the public sector enterprises in the Arab world.