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IPSASB: 2024 Handbook
- 10 January 2025
- Financial Reporting
- South African Accounting Academy
Summary:
The International Public Sector Accounting Standards Board (IPSASB®) has issued the 2024 Edition of the Handbook of International Public Sector Accounting Pronouncements.
Article:
It consists of 3 Volumes and contains the complete suite of International Public Sector Accounting Standards (IPSAS) published as of 31 January 2024 plus the 2023 Conceptual Framework updates.
It also includes The Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities with Chapters 3, 5, and 7 updated in 2023.
Volume 1 sets out the Scope of the Handbook and summarises Changes of Substance from the 2022 Edition of the Handbook.
Contents:
- Volume 1 – IPSAS 1 to 30
- Preface to IPSAS
- the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities
- Volume 2 – IPSAS 31 to 43
- Volume 3 – IPSAS 44 to 49
- Introduction to the IPSAS under the Cash Basis of Accounting (issued in 2017)
- Cash Basis IPSAS – Financial Reporting under the Cash Basis of Accounting (issued in 2017)
- Introduction to Recommended Practice Guidelines
- Recommended Practice Guidelines: RPG 1 to 3
- Glossary of Defined Terms for IPSAS 1 to 49
- Accrual IPSAS Standards on Issue at 31 January 2024
The individual IPSAS 1 to IPSAS 49 (as well as other resources) can be downloaded at https://www.ipsasb.org/publications/2024-handbook-international-public-sector-accounting-pronouncements
Click here to download the relevant Volume of the 2024 IPSASB Handbook:
- https://ifacweb.blob.core.windows.net/publicfiles/2024-11/IPSASB-2024-Handbook-Volume1.pdf
- https://ifacweb.blob.core.windows.net/publicfiles/2024-11/IPSASB-2024-Handbook-Volume2.pdf
- https://ifacweb.blob.core.windows.net/publicfiles/2024-11/IPSASB-2024-Handbook-Volume3.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
- As an auditor and independent reviewer, you need to evaluate your public sector clients’ compliance with International Public Sector Accounting Standards (IPSAS), and thus you need knowledge of newly revised standards that are approved as well as when they become effective.
- Failure to adhere to ISAs may be interpreted as negligence and you could be held liable.
- Auditors, Independent Reviewers and Accountants should be aware of the latest versions of handbooks containing standards issued by regulators and standard-setting boards, such as the IPSASB Handbook.
Relevance to Your Clients:
- Public Sector entities must prepare their financial information in accordance with IPSAS.