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IPSA
S in a
nu
tshell
From principles to practice - Second edition
IPSAS in a nutshell From principles to practice
Second edition
www.pwc.com
Authors Patrice SchumeschAnton De GreefJan De Laet
Volume 14 About 260 pages to guide your understanding of current developments in public sector accounting and explain key accounting and operational implications of IPSAS adoption.
3 Includes practical tips and comments derived from the authors’ extensive experience in applying IPSAS.
5 200 questions and answers with two levels of diffi culty to test your IPSAS knowledge.
1 Written for practitioners and non-practitioners, government offi cials and other public sector decision-makers, and for all those interested in the public accounting debate.
2 Clear, concise, and easy to read.
9 789082 010909
ISBN 978-90-82010-909
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Table of contentsForewords 4
Authors 6
PwC contributors 8
Table of contents 9
Introduction 13
Part 1: The international context 21
Chapter 1 - IPSAS rule making 23 Chapter 2 - Towards a new era in public sector accounting 28
Part 2: Cash basis IPSAS 35
Chapter 3 - IPSAS under the cash basis of accounting 37
Part 3: General 43
Chapter 4 - Conceptual framework 45 Chapter 5 - Financial statement discussion and analysis 53 Chapter 6 - Reporting service performance information 55 Chapter 7 - Reporting on the long-term sustainability of public finances 59 Chapter 8 - Accounting policies, changes in accounting estimates and errors 62 Chapter 9 - IPSAS and the statistical basis of financial reporting 64
Part 4: Financial statements 67
Chapter 10 - Presentation of financial statements 69 Chapter 11 - Cash flow statements 81 Chapter 12 - Segment reporting 84 Chapter 13 - Related party disclosures 87 Chapter 14 - Presentation of budget information 89 Chapter 15 - Disclosure of financial information about the general 95
government sector
Part 5: Assets 99
Chapter 16 - Intangible assets 101 Chapter 17 - Property, plant and equipment 106 Chapter 18 - Borrowing costs 116 Chapter 19 - Investment property 118 Chapter 20 - Heritage assets 120 Chapter 21 - Leases 122
Table of contents
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Chapter 22 - Impairment of long-term assets 128 Chapter 23 - Inventories 134 Chapter 24 - Construction contracts 138 Chapter 25 - Financial assets 142
Part 6: Liabilities 151
Chapter 26 - Employee benefits 153 Chapter 27 - Social benefits 163 Chapter 28 - Provisions, contingent liabilities and contingent assets 165 Chapter 29 - Financial liabilities 170
Part 7: Financial performance 177
Chapter 30 - Revenue from exchange transactions 179 Chapter 31 - Revenue from non-exchange transactions 183 Chapter 32 - Expenses 190
Part 8: Consolidation 195
Chapter 33 - General consolidation principles 197 Chapter 34 - Public sector combinations 206 Chapter 35 - Interests in joint ventures 208 Chapter 36 - Investments in associates 215 Chapter 37 - Translation of financial statements of foreign operations 218
Part 9: Other topics 221
Chapter 38 - Foreign currency transactions 223 Chapter 39 - Financial reporting in hyperinflationary economies 225 Chapter 40 - Events after the reporting date 227 Chapter 41 - Agriculture 229 Chapter 42 - Hedge accounting 231 Chapter 43 - Concession arrangements and 233 public to private partnerships (PPPs)
Part 10: Making the change to IPSAS 237
Chapter 44 - First-time adoption of accrual basis IPSAS 239 Chapter 45 - Practical aspects of an IPSAS conversion 249
Appendices 255
Appendix 1 - Abbreviations used in this publication 257 Appendix 2 - IPSAS standards and RPGs 259 Appendix 3 - References 261
Table of contents
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