IFAC Releases 2005 Handbook of International Public Sector Accounting Pronouncements

The 2005 edition of the International Federation of Accountants' (IFAC's) Handbook of International Public Sector Accounting Pronouncements is now available in print and a downloadable PDF format.

Print copies may be ordered and the PDF version downloaded from the Public Sector Accounting section of IFAC's online bookstore. The print version, which will be available later this month, and the PDF version are free-of-charge (shipping charges apply).

The new edition of the handbook features all International Public Sector Accounting Standards (IPSASs) issued as of December 31, 2004, including two new standards issued in 2004: the Cash Basis IPSAS, Financial Reporting Under The Cash Basis of Accounting, and IPSAS 21, Impairment of Non-Cash-Generating Assets. It also includes an updated glossary of terms, summary of occasional papers and studies, and a selected bibliography. All standards have been developed by IFAC's International Public Sector Accounting Standards Board (IPSASB) with the aim of improving the quality of public sector financial reporting and accounting practices around the world.

An important goal of the IPSASB is to achieve convergence of international standards on financial reporting in the public sector. To accomplish this, the IPSASB considers guidance issued by national standard setters, regulatory authorities, professional accounting bodies, and other organizations interested in financial reporting and accounting in the public sector. It also considers and adopts, to the extent appropriate for the public sector, requirements of International Financial Reporting Standards issued by the International Accounting Standards Board.

To increase accessibility of its standards to non-English speaking constituents, the IPSASB has made available Spanish translations of IPSASs. These translations were developed in conjunction with the International Accounting Standards Committee Foundation (IASCF), and were subject to the full IASCF translation process. They can be downloaded from IFAC's online bookstore. French translations of the IPSASs are currently also being developed in conjunction with the IASCF.

IFAC is the worldwide organization for the accountancy profession dedicated to serving the public interest by strengthening the worldwide accountancy profession and contributing to the development of strong international economies. Its current membership consists of 163 professional accountancy bodies in 119 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to setting international public sector accounting standards through the IPSASB, IFAC sets international standards of ethics, auditing and assurance and education and develops benchmark guidance for professional accountants in business.

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