International Public Sector Accounting Standards (IPSASs)
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International Public Sector Accounting Standards (IPSASs)

IPSASs are a set of accounting standards issued by the IPSAS Board (IPSASB) for use by public sector entities around the world in the preparation of financial statements. IPSASB is a board of the International Federation of Accountants (IFAC) and the responsible body formed to develop and issue IPSASs under its own authority.
These standards are based on International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB). IPSASs aim to improve the quality of general purpose financial reporting by public sector entities, leading to better informed assessments of the resource allocation decisions made by governments, thereby increasing transparency and accountability.
To date, the IPSASB has issued the following Accrual-based IPSASs:
IPSAS 1 Presentation of Financial Statements
IPSAS 2 Cash Flow Statements
IPSAS 3 Accounting Policies, Changes in Accounting Estimates and Errors
IPSAS 4 The Effects of Changes in Foreign Exchange Rates
IPSAS 5 Borrowing Costs
IPSAS 6 Consolidated and Separate Financial Statements
IPSAS 7 Investments in Associates
IPSAS 8 Interests in Joint Ventures
IPSAS 9 Revenue from Exchange Transactions
IPSAS 10 Financial Reporting in Hyperinflationary Economies
IPSAS 11 Construction Contracts 
IPSAS 12 Inventories
IPSAS 13 Leases
IPSAS 14 Events after the Reporting Date
IPSAS 15 Financial Instruments: Disclosure and Presentation
IPSAS 16 Investment Property
IPSAS 17 Property, Plant and Equipment
IPSAS 18 Segment Reporting
IPSAS 19 Provisions, Contingent Liabilities, Contingent Assets
IPSAS 20 Related Party Disclosures
IPSAS 21 Impairment of Noncash-generating Assets
IPSAS 22 Disclosure of Financial Information about the General Government Sector
IPSAS 23 Revenue from Non-Exchange Transactions (Taxes and Transfers)
IPSAS 24 Presentation of Budget Information in Financial Statements
IPSAS 25 Employee Benefits
IPSAS 26 Impairment of Cash-Generating Assets
IPSAS 27 Agriculture
IPSAS 28 Financial Instruments: Presentation
IPSAS 29 Financial Instruments: Recognition and Measurement
IPSAS 30 Financial Instruments: Disclosures
IPSAS 31 Intangible Assets
IPSAS 32 Service Concession Arrangements: Grantor
IPSAS 33 First-time Adoption of Accrual Basis IPSASs
IPSAS 34 Separate Financial Statements
IPSAS 35 Consolidated Financial Statements
IPSAS 36 Investments in Associates and Joint Ventures
IPSAS 37 Joint Arrangements
IPSAS 38 Disclosure of Interests in Other Entities
IPSAS 39 Employee Benefits
IPSAS 40 Public Sector Combinations
IPSAS 41 Financial Instruments 
IPSAS 42 Social Benefits
Note 1
The standards IPSAS 34 to IPSAS 38 will replace current requirements in:
IPSAS 6, Consolidated and Separate Financial Statements;
IPSAS 7, Investments in Associates; and
IPSAS 8, Interests in Joint Ventures. 
These standards are effective for annual financial statements covering periods beginning on or after 1 January 2017. Earlier application is encouraged, however, if an entity decides to apply the requirements early it shall disclose that fact and apply the whole series of standards (IPSAS 34 through IPSAS 38) at the same time.
The standard IPSAS 39 Employee Benefits will replace IPSAS 25 Employee Benefits as from 1 January 2018.
IPSAS 40 Public Sector Combinations shall apply from January 1, 2019, with earlier adoption encouraged.
IPSAS 41 Financial Instruments shall apply from 1 January, 2022, with earlier application permitted. 
An entity shall apply IPSAS 42 for annual financial statements covering periods beginning on or after January 1, 2022. Earlier adoption is encouraged.

Note 2
IPSAS 33 shall be applied if first-time adopters’ first IPSAS financial statements are for a period beginning on or after 1 January 2017. Earlier application is permitted.


IPSAS as adopted by the Maltese Government
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