value treatment of financial instruments. 16 Establishes the accounting Lack of adequate Investment treatment, and related disclosures, statistical data of Property for investment property. It provides government for application of either a fair value owned properties or historical cost model. and estate is a big challenge. IPSAS 17 Establishes the accounting Inadequate Property, treatment for property, plant and statistical data on Plant and Equipment equipment, including the basis and government timing of their initial recognition, assets and and the determination of their difficulty in ongoing carrying amounts and classification. related depreciation. It does not require or prohibit the recognition of heritage assets. IPSAS 18 Establishes requirements for the This requirement Segment disclosure of financial statement is full of Reporting information about distinguishable ambiguities, activities of reporting entities. which is difficult even in private sector. Establishes requirements for the Its difficult to IPSAS 19 recognition of provisions, and the ascertain and Provisions, disclosure of contingent liabilities contingent Contingent Liabilities and contingent assets. liabilities talk and Contingent less of assets. Assets IPSAS 20 Establishes requirements for the Corruptions and Related disclosure of transactions with related Party Disclosures parties that are related to the offenses are reporting entity including major Ministers, senior management, and impediments to close family members. the realization of this standard. This standard is IPSAS21 Ensure that non-cash-generating Impairment of assets are carried at no more redundant as par Cash-Generating than recoverable service as public entities Assets amount, and to prescribe how are concerned. recoverable service amount is calculated. IPSAS 22 Sets the disclosure requirements A lot of Disclosure of for governments that elect to statistical data Financial present information about the are needed to Information About general government sector (GGS) realize the the General in their consolidated financial provisional Government Sector statements. requirements of The disclosure of appropriate the standard. information about the GGS of a
value treatment of financial instruments. 16 Investment Property Establishes the accounting treatment, and related disclosures, for investment property. It provides for application of either a fair value or historical cost model. Lack of adequate statistical data of government owned properties and estate is a big challenge. IPSAS 17 Property, Plant and Equipment Establishes the accounting treatment for property, plant and equipment, including the basis and timing of their initial recognition, and the determination of their ongoing carrying amounts and related depreciation. It does not require or prohibit the recognition of heritage assets. Inadequate statistical data on government assets and difficulty in classification. IPSAS 18 Segment Reporting Establishes requirements for the disclosure of financial statement information about distinguishable activities of reporting entities. This requirement is full of ambiguities, which is difficult even in private sector. IPSAS 19 Provisions, Contingent Liabilities and Contingent Assets Establishes requirements for the recognition of provisions, and the disclosure of contingent liabilities and contingent assets. Its difficult to ascertain and contingent liabilities talk less of assets. IPSAS 20 Related Party Disclosures Establishes requirements for the disclosure of transactions with parties that are related to the reporting entity including Ministers, senior management, and close family members. Corruptions and related offenses are major impediments to the realization of this standard. IPSAS21 Impairment of Assets Ensure that non-cash-generating assets are carried at no more than recoverable service amount, and to prescribe how recoverable service amount is calculated. This standard is redundant as par as public entities are concerned. IPSAS 22 Disclosure of Financial Information About the General Government Sector Sets the disclosure requirements for governments that elect to present information about the general government sector (GGS) in their consolidated financial statements. The disclosure of appropriate information about the GGS of a A lot of statistical data are needed to realize the provisional requirements of the standard. Cash-Generating
IPSAS-ICPAn-final.docx