Board Revises Standards Focus on Clarity, Convergence

A board within the International Federation of Accountants has issued revised standards to increase the clarity and usability of International Public Sector Accounting Standards.

The 11 revised accrual basis standards from the International Public Sector Accounting Standards Board, as well as the revised “Preface to International Public Sector Accounting Standards,” are a step towards the board’s ultimate goal of convergence with the International Financial Reporting Standards issued by the International Accounting Standards Board.

To preface now clarifies that, from now on, all paragraphs within all standards have equal authority. The 11 revised standards are effective for reporting periods beginning on or after Jan. 1, 2008.

Both sets of documents can be downloaded for free from the IFAC online bookstore, at www.ifac.org/store. They will also be included in the 2007 edition of the, “Handbook of International Public Sector Accounting Pronouncements.”