IPSASB released a new exposure draft (ED81) that requires your attention

    The International public sector statement of accounting standards board (IPSASB) is calling on the finance professionals to respond to its latest exposure draft ED81. The ED is available for comment till the 31st of May, 2022. After which it will not be available.

    Exposure Draft (ED) is a document prepared by accounting professional bodies. It is prepared when the board is preparing for a new accounting standard. Individuals are allowed to comment on such drafts. If you haven’t commented on EDs, this is an opportunity for you to do so.

    IPSASB wants to amend its conceptual framework. Specifically, it is working on amending chapters three and five of the framework (Qualitative Characteristics, and Elements of Financial Statements respectively).

    As a member of the international federation of accountants (IFAC), IPSASB is focused on public sector accounting. It prepares professional standards that guide public sector accountants in preparing financial reports. If you’re interested in commenting on ED81, you can reach out through their website or the link here.

     

    Leave a Reply
    You May Also Like

    ICAN school fees 2022

    The school fees or exam fees for ICAN in the current year are published by them. However, the fee remains the same for a while before it is increased. This article lists the amount you will pay at each level. Starting with the foundation to professional levels. Don’t be confused about it. If you are … Read more
    Read More
    Read More

      Six Importance of auditor report

      The audit report is a letter that states the opinion of the auditor regarding its examination of the financial statements. It gives him or her to express his professional view regarding those statements. And whether the statements are fairly represented on one hand and free from material misstatements on the other hand. In this article, … Read more
      Read More
      Read More

        Five benefits and limitations of assurance engagement

        A primary benefit of an assurance engagement is that it helps the intended users make unimpaired decisions. However, if the wrong criteria are used it will lead to the wrong roadmap by users and business failures. In this article, let’s discuss the benefits and limitations of the assurance engagement. Benefits of assurance engagement Reliability Assurance … Read more
        Read More
        Read More

          Six differences between ATSWA and ICAN

          ICAN remains the umbrella body for the accounting profession in Nigeria. It conducts the accounting Technician Scheme and the institute of chartered accountants exams. On completion of ATS, you will become a member of AATWA. While completing ICAN, you are given a membership as an associate chartered accountant (ACA). In this article, I will work … Read more
          Read More
          Read More

            Five (5) limitations of cost accounting to note

            The benefits of cost accounting cannot be denied. However, there are disadvantages or limitations to establishing a costing information system. This is more pronounced if the information system of the entity will operate different systems for financial and cost accounting. It is expensive Having a computerized costing system might be expensive unless an ERP that … Read more
            Read More