In an effort to address major gaps in international accounting requirements for governments, the International Public Sector Accounting Standards Board of the International Federation of Accountants has issued a proposed standard on the financial reporting of revenue from non-exchange transactions, including taxes and transfers.
According to the IFAC, the draft addresses a range of critical issues to government financial reporting of taxes -- including the basis on which a wide range of taxes should be recognized and how they should be measured.
The proposal also addresses accounting for other major sources of non-exchange revenue for public-sector entities, including transfers from other governments and international organizations, as well as gifts and donations.
Comments on the exposure draft are requested by June 30, 2006. The draft may be viewed by going to http://www.ifac.org/EDs .
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