The International Public Sector Accounting Standards Board (IPSASB) has issued three pronouncements that update and simplify existing principles, according to a news release. Informed by stakeholder feedback and refinement over the course of several years, the pronouncements introduce:
A single, up-to-date source of guidance applicable to all revenue transactions across the public sector; and
A new straightforward accounting model for the recognition and measurement of transfer expenses in the public sector.
IPSAS 47 replaces IPSAS 9, Revenue from Exchange Transactions