IPSASB Moves Closer to Global Convergence of Financial Reporting Standards with New ED on Agriculture

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    Mar 31, 2009
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    IPSASB Moves Closer to Global Convergence of Financial Reporting Standards with New ED on Agriculture

    The International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants (IFAC) has published an exposure draft (ED), entitled ED 36, Agriculture. This ED is part of the IPSASB's global convergence program, scheduled for completion by December 31, 2009, that will substantially converge International Public Sector Accounting Standards (IPSASs) with International Financial Reporting Standards (IFRSs) approved at December 31, 2008. It proposes an IPSAS that converges with the International Accounting Standards Board's International Accounting Standard 41, Agriculture, with limited changes to ensure consistency with other IPSASs. These changes include an acknowledgement that, in some jurisdictions, biological assets may be sold or transferred for nominal amounts.

    "Converging IPSASs with IFRSs, where appropriate for the public sector, is one of the key objectives of our standards development program," states Mike Hathorn, Chair of the IPSASB. "This exposure draft proposes clear financial reporting requirements for agricultural activity in the public sector in order to ensure that the private and public sectors report similar activities in a consistent fashion."

    How to Comment
    Comments on ED 36 are requested by June 30, 2009. The ED may be viewed by going to www.ifac.org/EDs. Comments may be submitted by email to EDComments@ifac.org and stepheniefox@ifac.org. They can also be faxed to the attention of the IPSASB Technical Director at +1 (416) 977-8585, or mailed to the IPSASB Technical Director at 277 Wellington Street West, 4th Floor, Toronto, Ontario M5V 3H2, Canada. All comments will be considered a matter of public record and will ultimately be posted on the IFAC website.

    About IFAC
    IFAC (www.ifac.org/) is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 157 members and associates in 122 countries, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce. In addition to setting international public sector financial reporting standards through the IPSASB, IFAC, through its independent standard-setting boards, sets ethics, auditing and assurance, and education standards. It also issues guidance to encourage high-quality performance by professional accountants in business.

     

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