Accounting Standards Board’s Post

Join the conversation! Provide your feedback on the International Public Sector Accounting Standards Board's (#IPSASB) latest Exposure Draft 88, focusing on Arrangements Conveying Rights over Assets (Amendments to #IPSAS47 and #IPSAS48). Share your insights directly with IPSASB by May 31, 2024, to ensure Canadian-specific perspectives are heard Your input matters! https://ow.ly/Zmrb50Rlam4

The objective of IPSAS 45 is to update principles drawn from IPSAS 17 Property, Plant and Equipment by adding new guidance for heritage assets, infrastructure assets, and measurement of property, plant and equipment. The Standard was published in May 2023 and is effective from 1 January 2025. In order to ensure a smooth adoption of the new standard, it is important for public sector entities to identify the impacts of IPSAS 45 and accordingly prepare for its implementation. #finance #accounting #financialstatements #internalaudit #externalaudit #charteredaccountants

The International Accounting Standards Board (IASB) has published in April 2024 a project summary for its project on Business Combinations under Common Control (BCUCC). The IASB decided not to develop requirements for reporting BCUCCs as the research findings suggested that any improvements to financial reporting that might result from developing requirements for reporting BCUCCs are likely to be outweighed by the costs of developing and implementing such changes. Feedback suggested that users information needs vary among jurisdictions and stakeholders views were split about whether the IASB should develop requirements and if so, what those requirements should be. Although the desktop review had various limitations for the transactions, it identified that receiving entities applied a form of book-value method to 94% of BCUCCs and receiving entities applied various forms of book-value method. Below table presents IASB's preliminary views and user feedback on the issue. #BCUCC #IFRS3 #IASB

The IPSASB continues its deliberation on the applicability of current operational value across IPSAS... The International Public Sector Accounting Standards Board (IPSASB) continues its discussion on the Measurement Application phase. This is the second phase of the measurement project, where the IPSASB assesses the applicability of current operational value (COV) across IPSAS in issue. Read the full article here:https://buff.ly/3UjNjD7

IPSASB issues Exposure Draft (ED) 88, Arrangements Conveying Rights over Assets (Amendments to IPSAS 47 and IPSAS 48) Have your say in shaping public sector accounting standards! Weigh in on #IPSASB Exposure Draft 88 on Arrangements Conveying Rights over Assets. Make sure Canadian perspectives are heard by responding directly to IPSASB by May 31, 2024! https://ow.ly/LXni50Rn5kZ

The objective of IPSAS 46 is to improve measurement guidance across IPSAS by providing detailed guidance on implementation of commonly used measurement bases, and the circumstances under which they should be used. The Standard covers historical cost and current value models. Under the current value model, the techniques (market, income or cost approach) used to determine current operational value, cost of fulfillment, and fair value are discussed. The Standard was published in May 2023 and is effective from 1 January 2025. In order to ensure a smooth adoption of the new standard, it is important for government and other public sector entities to understand the principles of IPSAS 46 and accordingly prepare for its implementation. #finance #accounting #financialstatements #internalaudit #externalaudit #charteredaccountants

Local stakeholders support amendments to IPSAS based five IFRIC Interpretations.. The International Public Sector Accounting Standards Board (IPSASB) recently issued an Exposure Draft (ED) proposing amendments to IPSAS based on five IFRIC Interpretations deemed to be relevant to the public sector. Access more information on these ED's here:https://buff.ly/3W4nSEW #IPSASBfeedback #PublicSector

#PublicSectorUpdateAlert We encourage our community to review The International Public Sector Accounting Standards Board (IPSASB) issued Exposure Draft (ED) proposing significant amendments to International Public Sector Accounting Standards (IPSAS) based on five IFRIC Interpretations and provide feedback to help shape the future of public sector accounting standards. #IPSASB #PublicSectorAccounting #FinancialReporting #IFRIC #PSAAA

FAS 14/2022 "Intangible Assets" From 01.01.24 organizations are obliged to apply the new FSAS 14/2022 "Intangible Assets" instead of the previously effective PBU 14/2007. At the same time PBU 17/02 "Accounting for expenditures on research, development and technological work" became invalid due to the order of the Ministry of Finance of Russia from 30.05.2022 № 87n. Automation of transition to the new FSAS 14/2022 and accounting for IA according to the new rules have already been prepared in the 1C system.

So, on this application of the regulations vertical integration is not allowed in the #smsf sector. #asic https://lnkd.in/gUVTBC73