To aid the convergence of International Public Sector Accounting Standards with International Financial Reporting Standards, the International Public Sector Accounting Standards Board has issued a new exposure draft, "Improvements to International Public Sector Accounting Standards."

The International Federation of Accountants sets international public sector financial reporting standards through the board.

The exposure draft, No. 26, suggests changes to 11 accrual basis standards to better reflect developments in the equivalent standards issued by the internal board. The draft has been issued as part of the program to converge the two international sets of standards, which detail the requirements for financial reporting by governments and other public sector entities.Another released exposure draft, No. 25, also proposes that the preface to the new standards be revised to clarify that all paragraphs contained in the new standards have equal authority. Comments on the exposure drafts are due by Jan. 31, 2006. Information on how to submit commits, as well as the full text of both drafts, is available at www.ifac.org/EDs.


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