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ACCOUNTING STANDARD 1
Presentation of Financial
Statements
BACKGROUND
The IPSAS 1 was issued in May 2000 and revised in December 2006 by
the International Public Sector Accounting Standard Board (IPSASB) of
the International Federation of Accountants (IFAC). This includes
amendments resulting from IPSASs issued up to January 15, 2012.
OBJECTIVE
SCOPE
This standard applies to all public sector entities other than Government
Business Enterprises.
DEFINITIONS
Accrual Basis
Assets
Distributions to owners
Economic Entity
Expenses
Government Business
Enterprise
Impracticable
Liabilities
Material
Net assets/equity
Notes
Revenue
DEFINITIONS
Accrual Basis
Assets
Distributions to owners
Economic Entity
Expenses
Government Business
Enterprise
Impracticable
Liabilities
Materiality
Net assets/equity
Notes
Revenue
ECONOMIC ENTITY
Service Potential
GOVERNMENT BUSINESS
ENTERPRISES
MATERIALITY
NET ASSETS/EQUITY
Net assets/equity is the term used in this Standard to refer to the residual
measure in the statement of financial position (assets less liabilities).
OVERALL CONSIDERATIONS
Going Concern
Consistency of Presentation
Offsetting
Comparative Information
REPORTING PERIOD
b)
TIMELINESS
TRANSITIONAL PROVISIONS
All provisions of this standard shall be applied from the date of first adoption
of this standard, except in relation to items that have not been recognized as
a result of transitional provisions under another IPSAS.
EFFECTIVE DATE
An entity shall apply this standard for annual financial statements covering
periods beginning on or after January 1, 2008. If an entity applies this
standard for a period beginning before January 1, 2008, it shall be disclose
that fact.
END