What is the main accounting issue in IPSAS 32?
What is the main accounting issue in IPSAS 32?
Objective. IPSAS 32 establishes the accounting and reporting requirements for the grantor in a service concession arrangement. In these kinds of arrangements the grantor is a public sector entity.
What is the difference between IPSAS and IFRS?
IPSAS differentiate between acquisition and amalgamations; IFRS only considers acquisitions. Whilst it is important to understand and acknowledge the differences, alignment between IPSAS and IFRS should be encouraged wherever possible.
What is ifric12?
IFRIC 12 Service Concession Arrangements is an Interpretation issued by the IFRS Interpretations Committee (formerly IFRIC) that may have a very significant impact on the financial reporting of any company that enters into a concession arrangement with government.
What are service concession assets?
A service concession arrangement is an arrangement whereby a government or other public sector body contracts with a private operator to develop, operate and maintain an infrastructure asset such as a road, bridge, tunnel, airport, energy distribution network, prison or hospital.
Which of the following methods of accounting are permitted under IAS 31?
IAS 31 allows two treatments of accounting for an investment in jointly controlled entities – except as noted below: proportionate consolidation [IAS 31.30] equity method of accounting [IAS 31.38]
How many standards are in IPSAS?
42 standards
There are 42 standards on the accrual basis of accounting and one standard on the cash basis of accounting (source: IPSAS Handbook published March 2011).
What is IPSAS accrual basis?
Accrual Basis IPSAS is a principles-based accrual basis fair presentation accounting framework that is developed and maintained by the International Public Sector Accounting Standards Board (IPSASB).
Is intangible asset?
An intangible asset is an asset that is not physical in nature. Goodwill, brand recognition and intellectual property, such as patents, trademarks, and copyrights, are all intangible assets. Intangible assets exist in opposition to tangible assets, which include land, vehicles, equipment, and inventory.
WHO recognizes service concession asset?
(b) The grantor recognizes a liability when it grants the operator the right to earn revenue from third-party users of the service concession asset or another revenue-generating asset. Under paragraph 26 of IFRIC 12, the operator recognizes an intangible asset.
