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 2015 Handbook of International Public Sector Accounting Standards.
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 issuance 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.
The IPSASB approved the following standards 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 36 Investments 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.