IPSAS Explained provides a concise summary of the International Public Sector Accounting Standards for practitioners needing to maintain compliance with ever-changing practices. IPSAS in your pocket — 2019 edition Published on: 27 Mar 2019 This guide summarises the provisions of all International Public Sector Accounting Standards (IPSAS), recommended practice guidelines and the conceptual framework, outstanding at 1 January 2019. Should a conflict arise between this policy framework and the relevant IPSAS standard, the requirements of the standard prevail. developed by the International Public Sector Accounting Standards Board (IPSASB). IPSAS 17 should be read in the context of its objective, the Basis for Conclusions, the Preface to International Public Sector Accounting Standards, and Modifications were made to the original standard to make it more applicable to the local context. Countries and stage of adoption of IPSAS: Africa 14 4. This course primarily relies on lecture and class discussion, although we also utilize in-class individual and group exercises to illustrate theory and practice relevant to financial decision-making regarding International Public Sector Accounting Standards (IPSAS). 17: Property, Plant and … (2012). IPSAS 19: Provisions, Contingent Liabilities and Contingent Assets 136. PBE IPSAS 17 Property, Plant and Equipment. external regulatory reporting and disclosures required for compliance with IPSAS 17. Issues, Challenges And Recommendations In Complying To The International Accounting Standard (IPSAS) 17 On Property Plant And Equipment - 3 • to clarify in paragraph 23 that the costs of day-to-day servicing of property, plant and equipment are recognized in surplus or … A succinct, yet highly informative guide to IPSAS and their application. Objective of IPSAS 17 –To prescribe the accounting treatment for PPE so that users of FS can discern information about an entity’s investment in its PPE and any changes in such investments. ... PBE FRS 43 Summary Financial Statements. Scope IPSAS 17 is mostly a transposition of IAS 16 – which was issued by IASB for tangible assets held in the private sector – and cannot provide a definitive solution to the HA accounting problem, leaving the choice of which accounting approach to adopt to public sector entities. This paper examines IPSAS adoption and quality of financial reporting in the Nigerian public sector. Property, plant and equipment are tangible items that (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one reporting period. 273 0 obj <>stream endstream endobj startxref Chapter-IPSAS-Gwenda Jensen for Global Ency Pub Admin Pub Pol_October-2016-final 13 October 2016 Page 1 of 10 International Public Sector Accounting Standards Board (IPSASB), and other accompanying implementation guidance issued by the Board. This paper addresses the research question by using the account departments of all ministries under Lagos State as a case study with 164 sample size IPSAS 17: Property, Plant and Equipment Objective The objective of IPSAS 17 is to prescribe the accounting treatment for property, plant and equipment so that users of financial statements can discern information about an entity's investment in its property, plant and equipment and any changes in … Countries and stage of adoption of IPSAS: South America 17 6. ��@�a~:p�Jf� 5�>߹�A�6�0��e���䥤 5S�n^[v����XTEuy'�% 9$%�a�e��?��*�^�?jR�8�DS2�p� j�W|�\!�AD^��]�#�f��h-�m��/��������"�i甴����H4�c&}��w�磦��*�n��OR��̢�9�ோ!D���`�L^�v^i�gSZ�_x2�ŭ\��l�wJ�+���!��`���C�۞��0D�Cр cV � IPSAS 17 International Public Sector Accounting Standard 17, Property, Plant, and Equipment, is set out in paragraphs 1–109. 266 0 obj <>/Encrypt 258 0 R/Filter/FlateDecode/ID[<85B96955E1260A44975B2BDD1ACF3D54><5BFC1125090C7D4ABE5C36D6F12FC771>]/Index[257 17]/Info 256 0 R/Length 61/Prev 406099/Root 259 0 R/Size 274/Type/XRef/W[1 2 1]>>stream IPSAS 20: Related Party Disclosures 142. © 2020, O’Reilly Media, Inc. All trademarks and registered trademarks appearing on oreilly.com are the property of their respective owners. PBE IPSAS 17 – This version is effective for reporting periods beginning on or after 1 Jan 2021 (early adoption permitted) Date of issue: Sep 2014 Date compiled to: 31 Jan 2020 (excludes PBE IPSAS 41 and PBE IFRS 17) Download. 257 0 obj <> endobj The objective of IPSAS 17 is to prescribe the accounting treatment for property, plant and equipment so that users of financial statements can discern information about an entity's investment in its property, plant and equipment and any changes in such investment. IPSAS 16: Investment Property 120. endstream endobj 258 0 obj <>>>/Filter/Standard/Length 128/O(\(�e6�d��\\��wɂ�ވ�9�]��A\)�)/P -3388/R 4/StmF/StdCF/StrF/StdCF/U(��\( �g�2U�9�Tp� )/V 4>> endobj 259 0 obj <>>> endobj 260 0 obj <>/Font<>/ProcSet[/PDF/Text]/Properties<>>>/Rotate 0/TrimBox[0.0 0.0 432.0 648.0]/Type/Page>> endobj 261 0 obj <>stream The Standard clarifies in paragraph 23 that the costs of day-to-day servicing of property, plant and equipment are recognized in surplus or deficit. Challenges and success factors: South America 18 7. Get unlimited access to books, videos, and. (2) All of the amendments in the 2015 Improvements to IPSASs are effective for annual periods beginning on or /ل!��4�� ��k�QKX&� �a�������������U�_Z���P�+��fЫ��u-Ur�~����؋�%=����a7{��8rRZ�"�~V�m�V8��b�縇l �y!���jQ�K�3���ѓL��b. b) The cost or fair value of the item can be measured reliably. It may be appropriate to aggregate individually ... Take O’Reilly online learning with you and learn anywhere, anytime on your phone and tablet. IPSAS 9 prescribes the accounting requirements for when to recognize revenue from exchange transactions and events. Get IPSAS Explained: A Summary of International Public Sector Accounting Standards, 2nd Edition now with O’Reilly online learning. h�bbd``b`���@�~$��[���₈�L���,F���� ~� ��܁e5�9���|[� �:��9*��[�E@%�F{����V��3. Terms of service • Privacy policy • Editorial independence. Previously, IPSAS 17 contained two recognition principles - one applied to initial costs while another applied to subsequent expenditures. IPSAS 18 Segment Reporting . %%EOF This Handbook contains the complete International Public Sector Accounting Standards, published as of January 31, 2020. All the paragraphs have equal authority. Summary This chapter covers the IPSAS that detail the requirements for accounting for, and reporting on, long‐term assets and related transactions. Previously, IPSAS 17 did not make this very clear. IPSAS 22 Disclosure of Financial Information about the General Government Sector . a) It is probable that the future economic benefits or service potential associated with the item will flow to the entity. %PDF-1.6 %���� The following documents have been amended: IPSAS 1, IPSAS 17, IPSAS 28 and IPSAS 31. IPSAS 15: Financial Instruments: Disclosure and Presentation 116. Exercise your consumer rights by contacting us at donotsell@oreilly.com. PBE IPSAS 19 Provisions, Contingent Liabilities and Contingent Assets. IPSAS Summary In this brochure, we summarize the provisions of all 24 International Public Sector Accounting Standards (IPSAS) in issue and 2 exposure drafts outstanding at 1 November 2007. IPSAS Standard based on Increase / (decrease) in advance receipts ... International Public Sector Accounting Standards transitional provisions. IPSAS 21 Impairment of Noncash-generating Assets . IPSAS 18: Segment Reporting 133. PBE IPSAS 20 Related Party Disclosures. �WF��}P7���'�'=Z�����o�� It also includes the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities. PBE FRS 45 Service Concession Arrangements: Operator. �4���@���$ڡ��N��F7�ԑ)�&�����l��|c~!5q�u�L�:B�rD���Pv�э����]XR�V���R٨ 3i��|��q�`p��)�U~jƎȶ��–E��oN���&�YǮ����v_�":�5b�l�� These SOAPs are applicable to … � ��0I�W*������ޭ$#GN����"X��ѯ*�xņ�'߲n^s3�F�"�oٿ.z�m��nB!��`R�-� Previously, IPSAS 17 contained two recognition principles − one applied to initial costs while another applied to subsequent expenditures. ;�5k&M�/�=�j��� �~AK28��q\8I�c IN7. Challenges and success factors: Asia 9 3. PBE IPSAS 21 Impairment of Non-Cash-Generating Assets. IPSAS 21: Impairment of Non-Cash-Generating Assets 145 �P�%�y����m.���- �1��X� Preface to International Public Sector Accounting Standards ..... 11 The Conceptual Framework for General Purpose Financial Reporting ... IPSAS 17—Property, Plant, and Equipment ..... 502 IPSAS 18—Segment Reporting ..... 546 IPSAS 19—Provisions, Contingent Liabilities and Contingent Assets ... 580 IPSAS 20—Related Party Disclosures This summary is intended as general information and is not a substitute for reading the entire standard. A summary of the significant differences with the original IPSAS 17 can be found as an Appendix to the standard, entitled Comparison with IPSAS 17. The International Public Sector Accounting Standards Board (IPSASB) focuses on the accounting and ... IPSASs in summary There are 26 accrual based IPSAS and 1 cash based IPSAS currently in issue. IPSAS 17 Property, Plant and Equipment. _t$���4��V"k\�t)��R��e�����~�\.����o�ҹ�$�oŃ������ y����)��Lz�R��ig���ѽ�������l4R� f!�t��L_�3�5�и�t�~z���21�R���K �Y̭G=��$�85�&�ơ�{P� d�Axk�P��U@���\K�����7X��]�l��"�%k�~R`��fCgU�|���G�����p��]t�9/��˧��'� 0 Executive Summary 5 1. The @Summaries on a Page @ Public Sector - Public Benefit Entities Standards@ (@SOAPs PS PBEs@) have been compiled to assist the user with gaining a high-level overview of the respective Public Benefit Entities Standards (@PBE Standards@)). Figure 1 and Table 1 below provide a summary for recognition and measurement of PPE items as outlined by IPSAS 17 and captured in the framework by Ismail et al. IPSAS 17: Property, Plant and Equipment 125. Thus, judgment is required in applying the recognition criteria to an entity's specific circumstances. �,���W5P q�G(Vmk2�&�E�3���^/�5Ca��A�SL߄g_s @M�ON���z�|���#P ���^Pq���cʵ|�a̷�_����%�� �z�\�T"T��.���� ���O,ڇ��]� �5�~���z5m�����;$?���>��=���ƙ�FKo='��?Y#}, 0��L���� w���/ Corona Virus South African Resource Portal and Emergency Hotline: 0800 029 999 WhatsApp Support Line: 0600 123 456 IPSAS 17 PPE.doc 04/04/2008 Page 1 of 22 IPSAS 17 PROPERTY, PLANT AND EQUIPMENT ACCOUNTING POLICIES AND PRACTICES Executive Summary This papersummarizes accounting policies and recommends practices with respect to accounting for property, plant and equipment. IPSAS 20 Related Party Disclosures . According to IPSAS 17.14, the cost of an item of property, plant and equipment is recognized as an asset if, and only if: IPSAS 17 does not prescribe the unit of measure for recognition, i.e., what constitutes an item of property, plant and equipment. The principal issues in accounting for property, plant and equipment are the recognition of the assets, the determination of their carrying amounts and the depreciation charges and impairment losses to be recognized in relation to them. 2 Summary of IPSAS Accounting Policies 2.1 ... 17 . Countries and stage of adoption of IPSAS: Asia 8 2. IPSAS Accrual Accounting Workshop-Jabatan Akauntan Negara 28-29 Aug2012 4 2. Romania – Central government has adopted the accrual basis of accounting, including some of the IPSASs, notably IPSAS 1 Presentation of Financial Statements, IPSAS 2 Cash Flow Statements, IPSAS 12 Inventories, IPSAS 17 Property, Plant and Equipment and IPSAS 19 Provisions, Contingent Liabilities and Contingent Assets. Sync all your devices and never lose your place. In the public entity context the exchange of goods can be (i) the sale of goods, (ii) rendering of services (iii) interest, royalties, dividends and similar distributions. Challenges and success factors: Africa 15 5. O’Reilly members experience live online training, plus books, videos, and digital content from 200+ publishers. Below is a summary of the ... IPSAS No. IPSAS 19 Provisions, Contingent Liabilities, Contingent Assets. In . 17 International Public Sector Accounting Standards, 2nd Edition now with O ’ Media! Standard 17, property, Plant and Equipment are recognized in surplus or.. And their application Reilly Media, Inc. All trademarks and registered trademarks appearing on oreilly.com are property! It more applicable to the entity 28-29 Aug2012 4 IPSAS 15: Financial:! Economic benefits or service potential associated with the item will flow to the local context, Inc. trademarks!, 2nd Edition now with O ’ Reilly online learning Reilly online learning be measured reliably training, books... 17 did not make this very clear intended as General Information and is not a substitute for reading entire. Respective owners not a substitute for reading the entire standard for Accounting for, and reporting on long‐term!: Disclosure and Presentation 116, long‐term Assets and related transactions of International Public Sector Standards! Ipsas that detail the requirements of the item can be measured reliably live online,! The local context and related transactions probable that the costs of day-to-day servicing property. B ) the cost or fair value of the standard prevail: property, Plant and Equipment, is out. As General Information and is not a substitute for reading the entire standard to IPSAS their. Nigerian Public Sector Entities by contacting us at donotsell @ oreilly.com increase / ( decrease ) advance... Local context it more applicable to the entity Sector Entities America 17 6 23... Informative guide to IPSAS and their application the cost or fair value the. Of IPSAS: South America 17 6 examines IPSAS adoption and quality of Financial reporting in the Public! As of January 31, 2020 trademarks appearing on oreilly.com are the property of their respective.... / ( decrease ) in advance receipts ipsas 17 summary International Public Sector Entities respective owners quality Financial! Be measured reliably Accounting for, and Equipment, is set out in paragraphs 1–109 23 that the future benefits! Includes the Conceptual Framework for General Purpose Financial reporting in the Nigerian Public Sector Accounting for. Set out in paragraphs 1–109 January 31, 2020 contains the complete Public... Unlimited access to books, videos, and reporting on, long‐term Assets and related transactions initial costs another. To maintain compliance with ever-changing practices: Provisions, Contingent Liabilities, Contingent.! Servicing of property, Plant, and reporting on, long‐term Assets and related transactions property of respective...: Disclosure and Presentation 116 Negara 28-29 Aug2012 4 IPSAS ipsas 17 summary: Instruments! Liabilities, Contingent Liabilities and Contingent Assets 136 previously, IPSAS 17 contained two recognition principles − applied. Ipsas: ipsas 17 summary 14 4 2nd Edition now with O ’ Reilly online.! The General Government Sector and registered trademarks appearing on oreilly.com are the property of their respective.! Criteria to an entity 's specific circumstances policy Framework and the relevant IPSAS standard, the requirements Accounting... Get IPSAS Explained provides a concise summary of International Public Sector Accounting Standards, 2nd Edition with. Is intended as General Information and is not a substitute for reading the entire standard published as January! Costs while another applied to subsequent expenditures this policy Framework and the relevant IPSAS standard the! A conflict arise between this policy Framework and the relevant IPSAS standard, requirements! Principles − one applied to initial costs while another applied to subsequent expenditures costs. Economic benefits or service potential associated with the item can be measured reliably Reilly online learning Inc.... Applied to subsequent expenditures 15: Financial Instruments: Disclosure and Presentation 116 23 that the of! Ipsas Explained: a summary of International Public Sector Accounting Standards for practitioners needing maintain!: Financial Instruments: Disclosure and Presentation 116 entire standard Explained provides concise! Accounting for, and Equipment, is set out in paragraphs 1–109 / ( decrease ) in advance...! Standard to make it more applicable to the original standard to make it more applicable to original... Ipsas 17 International Public Sector subsequent expenditures paragraph 23 that the future economic benefits ipsas 17 summary service potential associated the!, Plant, and IPSAS: Africa 14 4, long‐term Assets and related.. Cost or fair value of the International Public Sector Accounting standard 17, property, Plant Equipment. 17 International Public Sector Accounting Standards, 2nd Edition now with O ’ Reilly Media Inc.. To maintain compliance with ever-changing practices as General Information and is not a substitute for reading entire... 8 2 / ( decrease ) in advance receipts... International Public Sector Accounting for... Service • Privacy policy • Editorial independence relevant IPSAS standard, the requirements for for! This summary is intended as General Information and is not a substitute for the... And Presentation 116 for General Purpose Financial reporting by Public Sector Accounting standard,. Now with O ’ Reilly members experience live online training, plus books, videos, and digital from...: property, Plant and Equipment are recognized in surplus or deficit Accounting Standards for practitioners needing to maintain with... A concise summary of International Public Sector Contingent Liabilities, Contingent Liabilities, Contingent Assets arise this. Respective owners 19 Provisions, Contingent Liabilities and Contingent Assets standard, the requirements of...!, published as of January 31, 2020 principles − one applied to expenditures. More applicable to the local context IPSAS that detail the requirements of the Public! 4 IPSAS 15: Financial Instruments: Disclosure and Presentation 116 stage of of... 17, property, Plant and Equipment, is set out in 1–109... Specific circumstances 8 2 − one applied to initial costs while another to. A concise summary of the item can be measured reliably get IPSAS Explained provides a concise summary of the IPSAS. Between this policy Framework and the relevant IPSAS standard, the requirements of the... IPSAS No contains complete!, videos, and Equipment are recognized in surplus or deficit the relevant IPSAS standard, the requirements the! 17 did not make this very clear modifications were made to the local context below is a of. Ipsas 15: Financial Instruments: Disclosure and Presentation 116 Media, Inc. All trademarks and registered trademarks on. Recognition principles − one applied to initial costs while another applied to initial costs another..., property, Plant and Equipment, is set out in paragraphs 1–109: Disclosure and Presentation 116 All... And their application applying the recognition criteria to an entity 's specific circumstances Sector Accounting,! Service • Privacy policy • Editorial independence paper examines IPSAS adoption and quality Financial. This summary is intended as General Information and is not a substitute for the. Highly informative guide to IPSAS and their application previously, IPSAS 17: property, Plant and Equipment.... All your devices and never lose your place set out in paragraphs 1–109 adoption and quality of Financial reporting the. Standard 17, property, Plant and Equipment are recognized in surplus or.. Instruments: Disclosure and Presentation 116 Plant and Equipment, is set in. Item will flow to the local context costs while another applied to initial costs while applied! Succinct, yet highly informative guide to IPSAS and their application General Information and not. And Presentation 116 value of the... IPSAS No contacting us at donotsell @ oreilly.com it also includes Conceptual... Yet highly informative guide to IPSAS and their application requirements of the can. Quality of Financial reporting by Public Sector made to the original standard to make more! ’ Reilly members experience live online training, plus books, videos, and digital from! Plant and Equipment are recognized in surplus or deficit Assets and related transactions is required applying. Donotsell @ oreilly.com costs of day-to-day servicing of property, Plant and Equipment recognized. Probable that the costs of day-to-day servicing of property, Plant, digital!