Return to: Home > News > Public Sector > IPSASB looks to bridge the social benefits gap in accounting standards for the public sector

IPSASB looks to bridge the social benefits gap in accounting standards for the public sector

Author: The Accountant
Published: 1 Nov 2017
Email
Print

by Federica Tedeschi

The International Public Sector Accounting Standards Board (IPSASB) has released for comment an exposure draft addressing accounting for the delivery of social benefits, such as retirement, unemployment, and disability.

Current International Public Sector Accounting Standards (IPSAS) do not provide requirements or guidance on how to account for social benefits, leaving users without the information needed to assess government performance, the IPSASB said.

IPSASB Chair Ian Carruthers said: “Social benefits are a major expenditure for most governments, and the absence of an IPSAS standard for these programs is a noted gap in the Board’s literature. The proposals in [the exposure draft] will enhance accountability and transparency and improve decision making in this critical public interest area.”

Other Latest News

Top Content

Choosing the right location can have cast-iron benefits

As Game of Thrones, one of the biggest television shows of all time, comes to an end, Joe Pickard looks at how tax incentives offered to television and film production companies help the wider economy.

Primary financial statements: a game changer in reporting?

International Accounting Standards Board chair Hans Hoogervorst delivered a speech at the Seminario International sobre NIIF y NIF, organised by the Consejo Mexicano de Normas de Información Financiera in Mexico. The Accountant presents the highlights.

FASB readies standards for the netflix generation

The US Financial Accounting Standards Board (FASB) has updated its accounting standard for entertainment, with a specific eye on keeping up to date with how episodic content, such as television programmes, is consumed in the modern world. Jonathan Minter reports.

Brexit: why it takes two to tango

Former TA editor Vincent Huck, now editor of Insurance Asset Risk, looks at why Brexit might unleash geopolitical intrigue in Europe’s accounting standard-setting scene – and why IFRS 17 will be an incredible source of opportunity for firms in the coming years.