Interpretation and Application of IPSAS

Caroline Aggestam Pontoppidan, Copenhagen, Denmark is an Associate Professor in Public Sector Accounting and Auditing at Copenhagen Business School. She is also a project manager for UNOPS (an operational arm of the United Nations, helping a range of partners implement $1 billion worth of aid and development projects every year) overseeing the implementation of International Public Sector Accounting (IPSAS). Previous experience includes audit work and project management with The Global Fund to fight Aids, Tuberculosis and Malaria, Geneva, Switzerland, UNCTAD, Geneva, Switzerland and the UNICEF Supply Division, Copenhagen.Isabelle  Andernack, Meudon-la-Forêt, France is Accountancy Administrator, BIPM (International Bureau of Weights & Measures). She is the project leader of the BIPM transition from cash accounting to the accrual basis of accounting under IPSAS. Her current teaching activities include: IPSAS, consolidation and public management courses at Paris I Panthéon-Sorbonne (Master 2 Audit, Contrôle et Management Public), IFRS in order to prepare the CIIA at CFAF (Training Centre for Financial Analysts). She is formerly a Partner, and Technical Director of audit division, Fiducial Audit, as well as having worked in the Audit and IFRS teams at Deloitte, PwC and KPMG.

• Foreword viiAcknowledgements ixAbout the Authors xiList of IPSAS with Corresponding IFRS xiiiList of IPSAS with Brief Description xvPart 1 Introducing Public Sector Accounting1 Introduction 32 Why Converge Public Sector Accounting Practices? 113 The IPSASB 17Part 2 Accrual-based IPSAS4 The IPSASB Conceptual Framework and Key Accrual Accounting Concepts 355 Financial Statements 556 Disclosure Standards 1097 Long-Term (Non-Current) Assets 1238 Current Assets 1679 Service Concession Arrangements: Grantor 17510 Leases and Leasing Arrangements 18711 Revenues and Expenses 20712 Employee Benefits, Social Benefits, and Other Liabilities 24313 Provisions and Contingencies 25714 Budget Reporting 27115 Financial Instruments 28516 Consolidations and Strategic Investments 30717 Specific Standards: Accounting for Agriculture and Accounting in Hyperinflation Economies 32718 Recommended Practice Guidelines (RPGs) 339Part 3 Cash-Based IPSAS19 Cash Basis IPSAS 351Part 4 Making the Transition to IPSAS and Closing20 Making the Transition to IPSAS 375Conclusion 407Annex 1: Brief Description of IPSAS 409Annex 2: Key Characteristics of Public Sector Entities 413Annex 3: Employee Benefits: An Overview of the Key Principles 415Annex 4: Appendix to Chapter 21. Transition to IPSAS. Case Example: Iceland IPSAS Implementation Plan 417Bibliography 425Index