The International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants (IFAC) has published a Spanish-language translation of its 2007 Handbook of International Public Sector Accounting Pronouncements. This edition contains translations of 24 accrual basis International Public Sector Accounting Standards (IPSASs) and the comprehensive cash basis IPSAS. This translation revises the translation of the 2005 Handbook of International Public Sector Accounting Pronouncements and will increase the accessibility of the most recent standards. This will further help to enhance the accountability and transparency of governmental financial reporting. Key changes from the previous translation include 3 additional IPSASs and revised versions of 11 other IPSASs.

IPSASs set out the requirements for financial reporting by governments and other public sector entities other than government business enterprises. The accrual IPSASs are based on International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB) to the extent that the requirements in those standards are applicable to the public sector.

"Providing an updated Spanish translation is critical to the IPSASB's mission to assist public sector entities throughout the world, and in particular in the key constituency of Latin America," states Mike Hathorn, IPSASB Chairman.

The Spanish translation of the IPSASs was undertaken by the IPSASB in conjunction with the International Accounting Standards Committee Foundation, which also prepares translations of IFRSs for the IASB. This will ensure that the English and Spanish versions of the IPSASs converge with the respective English and Spanish versions of the IFRSs, where appropriate.

It is important to note, however, that the English version of the IPSASs is the official authoritative version of the standards. The 2009 Handbook was recently released in English.

The Spanish handbook is available free of charge in print and electronic versions from the IPSASB section of the IFAC online bookstore (www.ifac.org/store). For printed copies, shipping charges of US$25 per handbook apply. For express courier service, please contact Yansa Morel at +1 (212) 471-8722.

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.

El Consejo de Normas Internacionales de Contabilidad del Sector Público (International Public Sector Accounting Standards Board/IPSASB) de la Federación Internacional de Contadores (International Federation of Accountants/IFAC) publicó una traducción al idioma español de su Manual de Pronunciamientos Internacionales de Contabilidad del Sector Público. Esta edición contiene traducciones de 24 Normas Internacionales de Contabilidad del Sector Público (NICSP) (International Public Sector Accounting Standards/IPSAS) basadas en el método contable de acumulación y la NICSP de Base de Efectivo. Esta traducción modifica lo que contiene el Manual de Declaraciones Internacionales de Contabilidad para el Sector Público 2005 y aumentará el acceso a las normas más recientes. Además, esto ayudará a mejorar el nivel de responsabilidad y transparencia en la generación de informes financieros gubernamentales. Los cambios clave de la traducción anterior incluyen tres NICSP adicionales, así como versiones revisadas de otras once NICSP.

Las NICSP establecen los requisitos para la elaboración de informes financieros que emiten los gobiernos y otras entidades del sector público que no sean empresas comerciales del gobierno. Las NICSP sobre el método contable de acumulación se basan en las Normas Internacionales de Información Financiera (NIIF) que son emitidas por el Consejo de Normas Internacionales de Contabilidad (International Accounting Standards Board/IASB) en la medida en que los requisitos incluidos en esas normas se apliquen al sector público.

"Proporcionar una traducción al español actualizada es vital para la misión del IPSASB de ayudar a las entidades del sector público en todo el mundo, y en particular en la comunidad de usuarios clave de América Latina", señala Mike Hathorn, Presidente del IPSASB.

El IPSASB se encargó de realizar la traducción al español de las NICSP junto con la Fundación del Comité de Normas Internacionales de Contabilidad, la cual también prepara traducciones de las NIIF para el IASB. Esto garantizará que las versiones en español e inglés de las IPSAS coincidan con las versiones respectivas en inglés y español de las NIIF, cuando corresponda.

Sin embargo, es importante mencionar que la versión en inglés de las NICSP es la versión oficial fidedigna de las normas. El Manual 2009 se publicó en inglés recientemente.

El manual en español está disponible en forma gratuita en versiones impresa y electrónica de la sección del sector público en la librería virtual de IFAC (www.ifac.org/store). En el caso de copias impresas, se aplican cargos de envío de US$ 25 por cada manual. Para envíos inmediatos por mensajería, comuníquese con Yansa Morel llamando al +1 (212) 471-8722.
 
Acerca de IFAC
IFAC (www.ifac.org/) es la organización internacional para la profesión de la contaduría que se dedica a atender el interés del público fortaleciendo la profesión y contribuyendo al desarrollo de economías internacionales sólidas. IFAC está compuesta por 157 miembros y asociados en 122 países, que representan a más de 2,5 millones de contadores que trabajan en forma privada y en los sectores educativo, gubernamental, industrial y comercial. Además de emitir las normas internacionales de información financiera para el sector público a través del IPSASB, IFAC, mediante sus consejos independientes emisores de normas, establece normas de ética, auditoría y aseguramiento y educativas. También emite guías para que los contadores profesionales se desempeñen de acuerdo con parámetros de alta calidad.

This handbook brings together for continuing reference background information about the International Federation of Accountants (IFAC) and the currently effective pronouncements for the public sector issued by IFAC as of February 15, 2009.

The International Public Sector Accounting Standards Board (IPSASB), an independent standard-setting board of the International Federation of Accountants (IFAC), has issued for comment the first in a series of consultation papers focused on the development of an international public sector conceptual framework. Entitled Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities, the consultation paper represents a landmark achievement for the public sector financial reporting community.

The consultation paper identifies the IPSASB's preliminary views on the objectives and scope of financial reporting, the qualitative characteristics of information included in general purpose financial reports and the characteristics of public sector reporting entities. 

 "Our ultimate goal is to develop a framework that makes explicit the concepts, definitions, and principles that underpin the development of IPSASs," states IPSASB Chair Mike Hathorn. "Since it will apply across countries and jurisdictions with different political systems and forms of government, the framework will recognize the diversity that exists in the many jurisdictions that may adopt IPSASs and help to strengthen the transparency and consistency of financial reporting by governments worldwide. This makes receiving a broad spectrum of comments on this paper, and all our consultation papers, all the more significant."

"Given the important role the conceptual framework will eventually play in the future standard-setting activities of the IPSASB, I strongly urge constituents to respond to the views expressed in this milestone paper," adds Mr. Hathorn.

How to Comment
Comments on the consultation paper are requested by March 31, 2009. It may be viewed and downloaded by going to https://www.ifac.org/Guidance/EXD-Details.php?EDID=0119. Comments may be submitted by email to EDComments@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, 6th 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 (https://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 123 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.

The International Public Sector Accounting Standards Board (IPSASB), an independent standard-setting board within the International Federation of Accountants (IFAC), is seeking comments on its proposed changes to IPSAS 5, Borrowing Costs, set forth in exposure draft (ED) 35, Borrowing Costs (Revised 200X). 
 
"Public sector entities borrow for a variety of reasons, most of which are unrelated to asset acquisition," said Mike Hathorn, Chair of the IPSASB. "The IPSASB concluded that requiring public sector entities to capitalize borrowing costs as part of the cost of qualifying assets would not satisfy the qualitative characteristics of general purpose financial reporting, particularly related to the reliability of information reported. The immediate expensing of these borrowing costs instead will enhance the accountability of public sector entities." 

Most notably, ED 35 proposes amendments to reflect that in many circumstances the capitalization of borrowing costs as part of the cost of an asset is not appropriate for public sector entities.  This view, a departure from both IPSAS 5 and International Accounting Standards Board's International Accounting Standard 23, Borrowing Costs, is an evolution from public sector consideration of the issue.  The ED proposes that entities recognize borrowing-related expenses, such as interest or loan origination fees, during the period in which they are incurred. The ED also proposes, however, that where entities borrow funds specifically to acquire, construct or produce a qualifying asset, the entity has the option to capitalize those costs as part of the cost of that asset.

ED 35 may be viewed and downloaded by going to https://www.ifac.org/EDs. The IPSASB values the public's opinion and welcomes comments on its decision to require entities to expense borrowing costs, except in the circumstances outlined.

How to Comment
Comments on ED 35 are requested by January 7, 2009, and may be submitted via email at EDcomments@ifac.org.  Comments 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, 6th Floor, and Toronto, Ontario M5V 3H2, Canada. All comments will be considered a matter of public record and, ultimately, will 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 123 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.

The International Federation of Accountants (IFAC), in partnership with the World Bank, is seeking expressions of interest from professional accountants to carry out an evaluation of the activities of the International Public Sector Accounting Standards Board (IPSASB). The IPSASB, an independent standard-setting board within IFAC, develops international standards and guidance to improve public sector financial reporting and fiscal management. The IPSASB's activities are partly financed by World Bank funding grants and, under the funding terms and conditions, an external review of these activities is periodically performed.

The review will cover matters including the extent of adoption of IPSASB standards worldwide, the effectiveness of the World Bank's involvement in the IPSASB's work, whether developing nations have an effective voice in IPSASB activities and whether the governance and management of these activities are transparent and accountable. The evaluator will also be free to propose other suggestions for improvements to the IPSASB's standards development program.

"This external review provides an important opportunity to demonstrate the value of the IPSASB's work in developing international standards to a key supporter and our wider constituents and will assist in identifying areas for improvement," states Mike Hathorn, IPSASB Chair.

Applicants must have substantive prior experience in public sector accounting or auditing. Direct experience with accounting or auditing standards setting is desirable. The evaluator must be a professional accountant and a member of a professional accountancy body.

The requirements for the evaluator and the issues to be addressed by the review are explained in the Terms of Reference for the Evaluation of Development Grants Facility Program, which can be downloaded from the IPSASB home page at https://www.ifac.org/PublicSector/Projects.php. The deadline for submitting an application to be the evaluator is 12:00 pm (EST), Friday, May 31, 2008.

About IFAC
IFAC 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 123 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.

The International Public Sector Accounting Standards Board (IPSASB), an independent standard-setting board of the International Federation of Accountants (IFAC), has released a technical update to International Public Sector Accounting Standard (IPSAS) 4, The Effects of Changes in Foreign Exchange Rates. The update to IPSAS 4, which was issued as part of the IPSASB's global convergence program, reflects the latest amendments to the corresponding International Financial Reporting Standard (IFRS) issued by the International Accounting Standards Board.

"Converging IPSASs with IFRSs, where appropriate for the public sector, is one of the key strategic objectives of our standards development program," states Mike Hathorn, Chair of the IPSASB. "The revised IPSAS clarifies the requirements for public sector entities to convert foreign currency transactions and balances into their reporting currency."

The revised IPSAS 4 can be downloaded from the IFAC online bookstore at https://www.ifac.org/store. It will also be included in the 2008 edition of the Handbook of International Public Sector Accounting Pronouncements.

IFAC 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 123 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.

The International Public Sector Accounting Standards Board (IPSASB), an independent standard-setting board of the International Federation of Accountants (IFAC), is seeking comments on a consultation paper entitled Accounting and Financial Reporting for Service Concession Arrangements.

The consultation paper identifies issues and provides proposals to be considered in the development of IPSASB requirements for accounting and financial reporting of service concession arrangements. Obtaining feedback from constituents is a key desired outcome of the paper. The consultation paper provides an overview of the various types of arrangements that are considered public-private partnerships, of which service concession arrangements are a subset. Also included is an analysis of existing authoritative guidance to assess whether it is sufficient to address the accounting and reporting implications for these arrangements. The paper concludes that additional guidance is needed for service concession arrangements in the public sector. 

Service concession arrangements are distinct from other public-private partnership arrangements in that the risks and benefits associated with constructing, owning and operating the underlying property, along with the control over the property, are shared to a greater degree by the public sector entity and private sector entity involved in the arrangement. The sharing of these aspects of the property, as well as the general complexity of these transactions, has often made the financial reporting of the property for the parties unclear.

This lack of specific guidance for service concession arrangements has caused divergence in how the property is reported, even occasionally resulting in the property not being reported as an asset by either the public sector or private sector entity. This has also provided public sector entities the opportunity to use these arrangements as a means to fulfill their infrastructure needs without recognizing the property and related financing in their financial statements, while potentially still meeting fiscal targets.

In November 2006, the International Accounting Standards Board's International Financial Reporting Interpretations Committee (IFRIC) issued IFRIC 12, Service Concession Arrangements, which is applicable only to the operators of these arrangements and not to the public sector grantor. This left many public sector grantors without international guidance on reporting on service concession arrangements. This consultation paper is the IPSASB's first step in considering options for developing guidance for them.

"The use of public-private partnership arrangements, which include service concession arrangements, by the public sector, as vehicles to build and improve infrastructure and other public facilities and provide the services associated with these structures, has continued to grow worldwide over recent years," states IPSASB Chair Mike Hathorn. "The lack of international guidance for grantors of service concession arrangements, combined with the growing public sector interest in these arrangements, made the need for IPSASB action on this issue critical."

How to Comment
Comments on the consultation paper are requested by August 1, 2008, and it may be viewed by going to https://www.ifac.org/EDs. Comments may be submitted by email to EDComments@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, 6th 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 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 123 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.