Public Sector Standards Board Publishes Handbook

The International Public Sector Accounting Standards Board has published its 2010 Handbook of International Public Sector Accounting Pronouncements.

In two volumes, the handbook contains all current IPSASB pronouncements, including 31 accrual-based standards and the IPSASB’s cash basis standard. Five of these standards were approved by the IPSASB in 2009, including requirements and guidance for all aspects of accounting for financial instruments, as well as intangible assets and agriculture.

“The handbook represents the substantial completion of the IPSASB’s convergence program and over a decade of work,” said IPSASB Chair Andreas Bergmann in a statement. “It provides the only global and comprehensive set of accounting requirements and guidance developed specifically for preparers of public sector financial statements.”

The IPSASB, which operates under the auspices of the International Federation of Accountants, is planning to develop a Conceptual Framework — a set of principles that, following completion, will underpin the IPSASB’s standard-setting activities for the long-term — while maintaining alignment with International Financial Reporting Standards.
Under its convergence program, the IPSASB has achieved substantial convergence with IFRS requirements as of Dec. 31, 2008, relevant to the public sector.

The handbook can be downloaded free of charge in PDF format or ordered in print from IFAC's Publications and Resources site at web.ifac.org/publications. Print copies of parts I and II of the handbook are available as a three-piece boxed set with the Handbook of the Code of Ethics for Professional Accountants. The boxed set is being offered free of charge, but shipping and handling charges apply. Orders can be placed by calling IFAC at (212) 471-8722.