What Ipsas 32?
GRANTOR. Acknowledgment. This International Public Sector Accounting Standard (IPSAS) sets out the accounting requirements of the grantor in a service concession arrangement.
What is the meaning of Ipsas?
International Public Sector Accounting Standards
International Public Sector Accounting Standards (IPSAS) are issued by the International Public Sector Accounting Standards Board (IPSASB).
What are the benefits of adopting IPSAS?
The main benefits of IPSAS are increased transparency which provides a better understanding of WHO’s financial performance, greater accountability to make informed decisions about resource utilization, and improved financial information to support governance, management of assets, and decision-making.
What led to the adoption of IPSAS?
The adoption was supported by the enactment of the Financial Reporting Council of Nigeria Act, No. 6, 2011. The Act empowers the Council to ensure the implementation of IPSAS in the best interest of Nigerians.
What is a service concession arrangement?
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.
What is a contribution by GAAP standards?
5. A contribution is an unconditional transfer of cash or other assets to an entity or a settlement or cancellation of its liabilities in a voluntary nonreciprocal transfer by another entity acting other than as an owner.
What are the benefits of IPSAS?
What is IPSAS Nigeria?
IPSAS are accounting standards issued in sets by IPSASB. “IPSAS are high-quality global accrual-based accounting standards which enable governments to produce high-quality financial information that leads to better decision making and builds accountability and trust with citizens” (IFAC 2017, p. 1.).
What are the disadvantages of IPSAS?
Some of the current challenges pertaining to IPSAS adoption are broader change management and programme management issues; others are more basic, such as poor IT infrastructure, bad record keeping, and paucity of core accounting information under previous financial reporting practices.
When did Nigeria adopt IPSAS?
2010
In line with the trend in globalisation, Nigeria considered the IFAC expectation and a significant decision was made by the Nigerian government when the International Public Sector Accounting Standards (IPSAS) was adopted in 2010, as the latest initiative in public sector reforms in Nigeria.
