Abu Ghazaleh: The International Public Sector Accounting Standards 2015

Amman - HE Dr. Talal Abu-Ghazaleh, Chairman of the Arab Society of Certified Accountants (ASCA -Jordan) announced the publication of the Arabic version of the Handbook of International Public Sector Accounting Standards 2015.

He pointed out that ASCA-Jordan continuously seeks to develop both accounting and Management Sciences as well as all the principles applicable to all or some professional services. ASCA-Jordan also strives to upgrade the competence, practice and code of ethics according to the highest professional levels through the issue of accounting publications and following up on recent developments in accounting and auditing.

The most important changes of the 2015 version are the changes in new standards. 

New Standards

The IPSASB approved the following standards, which are included in this Handbook:

• IPSAS 33 First-time Adoption of International Public Sector Accounting Standards (IPSASs)
  IPSAS 34 Separate Financial Statements
  IPSAS 35 Consolidated Financial Statements
  IPSAS 36Investments in Associates and Joint Ventures
  IPSAS 37 Joint Arrangements
  IPSAS 38 Disclosure of Interests in Other Entities

A number of IPSASs were amended as a result of the IPSASB’s Improvements to IPSASs 2014 project. This project involved the making of non-urgent but necessary changes to the IPSASs. The following documents have been amended:

• IPSAS 1 Presentation of Financial Statements
  IPSAS 17 Property, Plant, and Equipment
  IPSAS 28 Financial Instruments: Presentation
  IPSAS 31 Intangible Assets

The Preface and Chapters 5–8 of the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities were approved in September 2014 and issued in October 2014