The International Public Sector Accounting Standards Board, the governmental standard-setting unit of the International Federation of Accountants, has issued a statement that, for the first time, establishes requirements for the recognition and measurement of revenues derived from taxes and transfers in countries that recognize the board's international standards.It was also the first time that the IPSASB has developed a governmental accounting standard from scratch, rather than adapting a private-sector standard for governmental purposes.
IPSASB chair Philippe Adhémar called the standard, International Public Sector Accounting Standard 23, Revenue from Non-Exchange Transactions (Taxes and Transfers), "a significant achievement," and said that "compliance with IPSAS 23 will enhance the quality, comparability and transparency of financial reporting by public sector entities around the world."
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