A board within the International Federation of Accountants has issued an exposure draft aimed at strengthening the disclosure of financial information about external assistance.
The draft, issued by the International Public Sector Accounting Standards Board, covers emergency assistance and development aid received by governments and government agencies in developing and other countries.
Draft No. 32, “Financial Reporting Under the Cash Basis of Accounting -- Disclosure Requirements for Recipients of External Assistance,” proposes that the financial statements of recipients of external assistance disclose the total amount of external assistance received, used and available during the reporting period. A previous exposure draft of the guidance was issued in February 2005, and the latest version proposes 32 amendments based on concerns regarding the previous exposure draft.
Before a final standard is approved, the draft will be tested by a number of regional and international organizations. Comments on the draft, which can be viewed at www.ifac.org/EDs, are due by March 31, 2007.
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