News

Abu-Ghazaleh: Publication of the Arabic Version of the IPSAS 2022

11-Jul-2023

AMMAN - HE Dr. Talal Abu-Ghazaleh, chairman of the Arab Society of Certified Accountants (ASCA-Jordan), announced the publication of the translated Arabic version of the International Public Sector Accounting Standards (IPSAS) for 2022.

Dr. Abu-Ghazaleh pointed out that ASCA always seeks to develop accounting and management, as well as the relevant disciplines and principles that apply to all or some professional services. He also underlined ASCA’s keenness to develop the level of competence, practice, and performance to attain the highest professional levels through its interest in accounting publications, and by following all the new trends in accounting and auditing fields.

Dr. Abu-Ghazaleh indicated that the International Public Sector Accounting Standards Board (IPSASB) has approved the following new standards:-

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.