A board within the International Federation of Accountants has released a standard identifying disclosures to be made by governments and other public sector entities that make their budgets publicly available.According to the International Public Sector Accounting Standards Board, such disclosures will contribute greatly to improving accountability. The new standard, IPSAS 24, “Presentation of Budget Information in Financial Statements,” applies to entities that adopt the accrual basis of financial reporting. Additionally, the cash basis standard, “Financial Reporting under the Cash Basis of Accounting,” has been updated to include both required and encouraged disclosures that apply to entities that adopt the cash basis of financial reporting.
Both standards, can be downloaded at www.ifac.org/store, and require that a comparison of budget and actual amounts for the reporting period be included in the financial statements
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