News
The Arab Society of Certified Accountants (Jordan) Issues the Translated Arabic Version of IPSAS 2014
14-Dec-2014
ASCA (Jordan) has issued the latest Arabic version of the International Public Sector Accounting Standards after being amended by IPSASB.
Following are the most recent changes to this guide:
- International Public Sector Accounting Standard (IPSAS) 15, Financial Instruments: Disclosure and Presentation has been superseded by IPSAS 28, Financial Instruments: Presentation;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 As a result, IPSAS 15 is no longer applicable and has been withdrawn.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.
1- RPG 1, Reporting on the Long-Term Sustainability of an Entity’s Finances.
2- RPG 2, Financial Statement Discussion and Analysis.
The International Arab Society of Certified Accountants (IASCA) has played a significant and influential role throughout the past two years, in collaboration with the Fiscal Reform Project financed by the USAID and the Ministry of Finance, in taking decision of the Jordanian Council of Ministers represented by the Jordanian Ministry of Finance to adopt and apply the International Public Sector Accounting Standards during its session convened on Sunday 2/11/2014 under Article (4) of the Jordanian Accountancy Profession Law No. 73 of 2003.
It is worth mentioning that ASCA-Jordan continuously seeks to develop accounting and management sciences, as well as all related principles applicable to professional services. ASCA-Jordan also strives to improve competence and practice and strengthen the code of ethics in accordance with the highest professional standards through the issuance of accounting publications and following up on the recent developments in accounting and auditing.