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    Improvements To International Public Sector Accounting Standard (IPSAS) On Cash Reporting

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    International Consortium on Governmental Financial Management
    This document discusses cash basis and accrual basis international public sector accounting standards (IPSAS). It provides steps for implementing Part 1 and Part 2 of the Cash Reporting IPSAS for budgetary entities, government business enterprises, and other government entities. It also discusses current projects of the IPSAS Board, including standards on long-term sustainability, public sector combinations, cash basis review, and financial statement discussion and analysis. The document lists the accounting standards committee appointees and notes an upcoming OECD conference on public sector critical projects.

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    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd

    Improvements To International Public Sector Accounting Standard (IPSAS) On Cash Reporting

    Uploaded by

    International Consortium on Governmental Financial Management
    214 views10 pages
    This document discusses cash basis and accrual basis international public sector accounting standards (IPSAS). It provides steps for implementing Part 1 and Part 2 of the Cash Reporting IPSAS for budgetary entities, government business enterprises, and other government entities. It also discusses current projects of the IPSAS Board, including standards on long-term sustainability, public sector combinations, cash basis review, and financial statement discussion and analysis. The document lists the accounting standards committee appointees and notes an upcoming OECD conference on public sector critical projects.

    Original Description:

    Jesse Hughes, Chair, ICGFM Ad Hoc Accounting Committee

    Original Title

    Improvements to International Public Sector Accounting Standard (IPSAS) on Cash Reporting

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    This document discusses cash basis and accrual basis international public sector accounting standards (IPSAS). It provides steps for implementing Part 1 and Part 2 of the Cash Reporting IPSAS for budgetary entities, government business enterprises, and other government entities. It also discusses current projects of the IPSAS Board, including standards on long-term sustainability, public sector combinations, cash basis review, and financial statement discussion and analysis. The document lists the accounting standards committee appointees and notes an upcoming OECD conference on public sector critical projects.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    214 views10 pages

    Improvements To International Public Sector Accounting Standard (IPSAS) On Cash Reporting

    Uploaded by

    International Consortium on Governmental Financial Management
    This document discusses cash basis and accrual basis international public sector accounting standards (IPSAS). It provides steps for implementing Part 1 and Part 2 of the Cash Reporting IPSAS for budgetary entities, government business enterprises, and other government entities. It also discusses current projects of the IPSAS Board, including standards on long-term sustainability, public sector combinations, cash basis review, and financial statement discussion and analysis. The document lists the accounting standards committee appointees and notes an upcoming OECD conference on public sector critical projects.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 10

    Dr.

    Jesse Hughes, CPA, COA, CGFM Professor Emeritus Old Dominion University Norfolk, Virginia, USA

    IPSAS Framework

    Cash Budget Sustainability


    Performance

    Consolidated Statements
    Budgetary Entities
    Government Business Enterprises All Other Entities

    Whole of Government

    Statement of Cash Flows

    Budget to Actual Statement

    Financial Position Statement

    Financial Performance 3 Statement

    Steps to Implementing Part 1 of the Cash Reporting IPSAS


    1.
    2.

    Separately identify the budgetary entities, the Government Business Enterprises (GBEs), and all other government entities. Perform the following for budgetary entities:
    a.

    b. c.

    Establish good cash accountability by implementing a Treasury Single Account and preparing a Cash Receipts and Payments Statement with appropriate footnotes. Maintain good fiscal discipline by publishing an annual budget and preparing a Budget to Actual Comparative Statement. Prepare a Management Discussion and Analysis (MD&A) to explain the financial statements. (Not required by IPSAS.)

    3. 4.

    Perform the above for GBEs and all other government entities. Prepare consolidated whole of government financial statements.
    4

    Steps to Implementing the Accrual IPSAS


    1.

    For budgetary entities, progressively implement Part 2 of the Cash Reporting IPSAS.
    a. b.

    c.
    d.

    Ensure that all liabilities are identified and reported in a Schedule of Liabilities. Ensure that all assets are identified and reported in a Schedule of Assets. Prepare an Opening Statement of Financial Position to include all assets and liabilities. Implement the Accrual IPSAS along with a MD&A.

    2. 3.

    Perform the above for GBEs and all other government entities. Prepare consolidated whole of government financial statements.

    Go Slow!! It may take 10 years or more.


    5

    Current IPSAS Board Efforts


    Reviewing the Cash Reporting IPSAS
    Preparing a Conceptual Framework Preparing Consultative Papers on Key Characteristics,

    Performance Measures, and Presentation Formats Approving an IPSAS on Long-Term Fiscal Sustainability

    Accounting Standards Committee Appointees


    Jesse Hughes, Chair (US)
    Masud Mazaffar (Pakistan) Michael Parry (UK)

    N. Tchelishvili (Georgia)
    Andrew Wynne (UK)

    Additional members welcome. Send nominations to [email protected].


    7

    Paris, France 8-9 March 2012 oecd.org/document/29/0.3746.en_2

    Public Sector Critical Projects in progress (Andreas Bergman, IPSASB)


    Long-Term Sustainability of Public Finances - ED of

    Recommended Practice final planned 2012 Public Sector Combinations - Consultation Paper June 2012 Cash Basis Review - Task Force reported: May 2010; Review pending funding Financial Statement Discussion and Analysis ED planned next week Reporting Service Performance Responses to CP due April 15, 2012 Alignment of IPSASs and GFS CP June 2012 First Time Adoption CP/ED 2012
    9

    GFSM 2001 Update (Sage De Clerck), IMF


    Highlighted the need to continue with efforts to

    harmonize statistical guidelines and public sector accounting reforms IMF/IPSASB Alignment Taskforce are working on:
    GFSM appendix on accounting and statistical linkages Update of matrix of remaining differences Model Chart of Accounts to illustrate how to harmonize

    reporting requirements, following a building block approach

    10

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