/Encrypt 258 0 R/Filter/FlateDecode/ID[<85B96955E1260A44975B2BDD1ACF3D54><5BFC1125090C7D4ABE5C36D6F12FC771>]/Index[257 17]/Info 256 0 R/Length 61/Prev 406099/Root 259 0 R/Size 274/Type/XRef/W[1 2 1]>>stream IPSAS 17 PPE.doc 04/04/2008 Page 1 of 22 IPSAS 17 PROPERTY, PLANT AND EQUIPMENT ACCOUNTING POLICIES AND PRACTICES Executive Summary This papersummarizes accounting policies and recommends practices with respect to accounting for property, plant and equipment. endstream endobj startxref PBE IPSAS 21 Impairment of Non-Cash-Generating Assets. International Public Sector Accounting Standards Board (IPSASB), and other accompanying implementation guidance issued by the Board. %%EOF The Standard clarifies in paragraph 23 that the costs of day-to-day servicing of property, plant and equipment are recognized in surplus or deficit. developed by the International Public Sector Accounting Standards Board (IPSASB). Corona Virus South African Resource Portal and Emergency Hotline: 0800 029 999 WhatsApp Support Line: 0600 123 456 ��܁e5�9���|[� �:��9*��[�E@%�F{����V��3. Preface to International Public Sector Accounting Standards ..... 11 The Conceptual Framework for General Purpose Financial Reporting ... IPSAS 17—Property, Plant, and Equipment ..... 502 IPSAS 18—Segment Reporting ..... 546 IPSAS 19—Provisions, Contingent Liabilities and Contingent Assets ... 580 IPSAS 20—Related Party Disclosures ... PBE FRS 43 Summary Financial Statements. A succinct, yet highly informative guide to IPSAS and their application. IPSAS 17 is mostly a transposition of IAS 16 – which was issued by IASB for tangible assets held in the private sector – and cannot provide a definitive solution to the HA accounting problem, leaving the choice of which accounting approach to adopt to public sector entities. 273 0 obj <>stream IPSAS in your pocket — 2019 edition Published on: 27 Mar 2019 This guide summarises the provisions of all International Public Sector Accounting Standards (IPSAS), recommended practice guidelines and the conceptual framework, outstanding at 1 January 2019. This Handbook contains the complete International Public Sector Accounting Standards, published as of January 31, 2020. PBE IPSAS 17 – This version is effective for reporting periods beginning on or after 1 Jan 2021 (early adoption permitted) Date of issue: Sep 2014 Date compiled to: 31 Jan 2020 (excludes PBE IPSAS 41 and PBE IFRS 17) Download. h�bbd``b`���@�~$��[���₈�L���,F���� ~� The @Summaries on a Page @ Public Sector - Public Benefit Entities Standards@ (@SOAPs PS PBEs@) have been compiled to assist the user with gaining a high-level overview of the respective Public Benefit Entities Standards (@PBE Standards@)). IPSAS 20: Related Party Disclosures 142. The following documents have been amended: IPSAS 1, IPSAS 17, IPSAS 28 and IPSAS 31. It may be appropriate to aggregate individually ... Take O’Reilly online learning with you and learn anywhere, anytime on your phone and tablet. Executive Summary 5 1. IPSAS 17: Property, Plant and Equipment 125. Previously, IPSAS 17 contained two recognition principles - one applied to initial costs while another applied to subsequent expenditures. This paper addresses the research question by using the account departments of all ministries under Lagos State as a case study with 164 sample size �4���@���$ڡ��N��F7�ԑ)�&�����l��|c~!5q�u�L�:B�rD���Pv�э����]XR�V���R٨ 3i��|��q�`p��)�U~jƎȶ��–E��oN���&�YǮ����v_�":�5b�l�� Sync all your devices and never lose your place. According to IPSAS 17.14, the cost of an item of property, plant and equipment is recognized as an asset if, and only if: IPSAS 17 does not prescribe the unit of measure for recognition, i.e., what constitutes an item of property, plant and equipment. ��@�a~:p�Jf� 5�>߹�A�6�0��e���䥤 5S�n^[v����XTEuy'�% 9$%�a�e��?��*�^�?jR�8�DS2�p� j�W|�\!�AD^��]�#�f��h-�m��/��������"�i甴����H4�c&}��w�磦��*�n��OR��̢�9�ோ!D���`�L^�v^i�gSZ�_x2�ŭ\��l�wJ�+���!��`���C�۞��0D�Cр cV � a) It is probable that the future economic benefits or service potential associated with the item will flow to the entity. PBE IPSAS 20 Related Party Disclosures. Figure 1 and Table 1 below provide a summary for recognition and measurement of PPE items as outlined by IPSAS 17 and captured in the framework by Ismail et al. IPSAS 19: Provisions, Contingent Liabilities and Contingent Assets 136. /ل!��4�� ��k�QKX&� �a�������������U�_Z���P�+��fЫ��u-Ur�~����؋�%=����a7{��8rRZ�"�~V�m�V8��b�縇l �y!���jQ�K�3���ѓL��b. Scope Should a conflict arise between this policy framework and the relevant IPSAS standard, the requirements of the standard prevail. Romania – Central government has adopted the accrual basis of accounting, including some of the IPSASs, notably IPSAS 1 Presentation of Financial Statements, IPSAS 2 Cash Flow Statements, IPSAS 12 Inventories, IPSAS 17 Property, Plant and Equipment and IPSAS 19 Provisions, Contingent Liabilities and Contingent Assets. Summary This chapter covers the IPSAS that detail the requirements for accounting for, and reporting on, long‐term assets and related transactions. 0 In the public entity context the exchange of goods can be (i) the sale of goods, (ii) rendering of services (iii) interest, royalties, dividends and similar distributions. IPSAS 18: Segment Reporting 133. Previously, IPSAS 17 contained two recognition principles − one applied to initial costs while another applied to subsequent expenditures. endstream endobj 258 0 obj <>>>/Filter/Standard/Length 128/O(\(�e6�d��\\��wɂ�ވ�9�]��A\)�)/P -3388/R 4/StmF/StdCF/StrF/StdCF/U(��\( �g�2U�9�Tp� )/V 4>> endobj 259 0 obj <>>> endobj 260 0 obj <>/Font<>/ProcSet[/PDF/Text]/Properties<>>>/Rotate 0/TrimBox[0.0 0.0 432.0 648.0]/Type/Page>> endobj 261 0 obj <>stream This paper examines IPSAS adoption and quality of financial reporting in the Nigerian public sector. IPSAS 17 Property, Plant and Equipment. Challenges and success factors: South America 18 7. This course primarily relies on lecture and class discussion, although we also utilize in-class individual and group exercises to illustrate theory and practice relevant to financial decision-making regarding International Public Sector Accounting Standards (IPSAS). �,���W5P q�G(Vmk2�&�E�3���^/�5Ca��A�SL߄g_s @M�ON���z�|���#P ���^Pq���cʵ|�a̷�_����%�� �z�\�T"T��.���� ���O,ڇ��]� �5�~���z5m�����;$?���>��=���ƙ�FKo='��?Y#}, 0��L���� w���/ IPSAS 16: Investment Property 120. Modifications were made to the original standard to make it more applicable to the local context. IPSAS 17 International Public Sector Accounting Standard 17, Property, Plant, and Equipment, is set out in paragraphs 1–109. IPSAS Accrual Accounting Workshop-Jabatan Akauntan Negara 28-29 Aug2012 4 %PDF-1.6 %���� These SOAPs are applicable to … IPSAS 9 prescribes the accounting requirements for when to recognize revenue from exchange transactions and events. PBE FRS 45 Service Concession Arrangements: Operator. 257 0 obj <> endobj Below is a summary of the ... IPSAS No. IPSAS Summary In this brochure, we summarize the provisions of all 24 International Public Sector Accounting Standards (IPSAS) in issue and 2 exposure drafts outstanding at 1 November 2007. IPSAS Explained provides a concise summary of the International Public Sector Accounting Standards for practitioners needing to maintain compliance with ever-changing practices. O’Reilly members experience live online training, plus books, videos, and digital content from 200+ publishers. IPSAS 22 Disclosure of Financial Information about the General Government Sector . IPSAS 18 Segment Reporting . IPSAS 19 Provisions, Contingent Liabilities, Contingent Assets. Get unlimited access to books, videos, and. The International Public Sector Accounting Standards Board (IPSASB) focuses on the accounting and ... IPSASs in summary There are 26 accrual based IPSAS and 1 cash based IPSAS currently in issue. Increase / (decrease) in advance receipts ... International Public Sector Accounting Standards transitional provisions. Countries and stage of adoption of IPSAS: Africa 14 4. • to clarify in paragraph 23 that the costs of day-to-day servicing of property, plant and equipment are recognized in surplus or … Countries and stage of adoption of IPSAS: Asia 8 2. 2 Summary of IPSAS Accounting Policies 2.1 ... 17 . The objective of IPSAS 17 is to prescribe the accounting treatment for property, plant and equipment so that users of financial statements can discern information about an entity's investment in its property, plant and equipment and any changes in such investment. © 2020, O’Reilly Media, Inc. All trademarks and registered trademarks appearing on oreilly.com are the property of their respective owners. IPSAS 17 should be read in the context of its objective, the Basis for Conclusions, the Preface to International Public Sector Accounting Standards, and _t$���4��V"k\�t)��R��e�����~�\.����o�ҹ�$�oŃ������ y����)��Lz�R��ig���ѽ�������l4R� f!�t��L_�3�5�и�t�~z���21�R���K �Y̭G=��$�85�&�ơ�{P� d�Axk�P��U@���\K�����7X��]�l��"�%k�~R`��fCgU�|���G�����p��]t�9/��˧��'� PBE IPSAS 19 Provisions, Contingent Liabilities and Contingent Assets. ;�5k&M�/�=�j��� �~AK28��q\8I�c 17: Property, Plant and … b) The cost or fair value of the item can be measured reliably. Countries and stage of adoption of IPSAS: South America 17 6. IPSAS 21 Impairment of Noncash-generating Assets . Property, plant and equipment are tangible items that (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one reporting period. 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ipsas 17 summary

Issues, Challenges And Recommendations In Complying To The International Accounting Standard (IPSAS) 17 On Property Plant And Equipment - 3 (2) All of the amendments in the 2015 Improvements to IPSASs are effective for annual periods beginning on or (2012). All the paragraphs have equal authority. IPSAS 21: Impairment of Non-Cash-Generating Assets 145 The principal issues in accounting for property, plant and equipment are the recognition of the assets, the determination of their carrying amounts and the depreciation charges and impairment losses to be recognized in relation to them. external regulatory reporting and disclosures required for compliance with IPSAS 17. Chapter-IPSAS-Gwenda Jensen for Global Ency Pub Admin Pub Pol_October-2016-final 13 October 2016 Page 1 of 10 � ��0I�W*������ޭ$#GN����"X��ѯ*�xņ�'߲n^s3�F�"�oٿ.z�m��nB!��`R�-� IPSAS 15: Financial Instruments: Disclosure and Presentation 116. �P�%�y����m.���- �1��X� Exercise your consumer rights by contacting us at donotsell@oreilly.com. PBE IPSAS 17 Property, Plant and Equipment. IPSAS 20 Related Party Disclosures . Terms of service • Privacy policy • Editorial independence. Previously, IPSAS 17 did not make this very clear. In . 2. Thus, judgment is required in applying the recognition criteria to an entity's specific circumstances. Challenges and success factors: Asia 9 3. IN7. Objective of IPSAS 17 –To prescribe the accounting treatment for PPE so that users of FS can discern information about an entity’s investment in its PPE and any changes in such investments. It also includes the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities. This summary is intended as general information and is not a substitute for reading the entire standard. IPSAS 17: Property, Plant and Equipment Objective The objective of IPSAS 17 is to prescribe the accounting treatment for property, plant and equipment so that users of financial statements can discern information about an entity's investment in its property, plant and equipment and any changes in … Get IPSAS Explained: A Summary of International Public Sector Accounting Standards, 2nd Edition now with O’Reilly online learning. Challenges and success factors: Africa 15 5. �WF��}P7���'�'=Z�����o�� 266 0 obj <>/Encrypt 258 0 R/Filter/FlateDecode/ID[<85B96955E1260A44975B2BDD1ACF3D54><5BFC1125090C7D4ABE5C36D6F12FC771>]/Index[257 17]/Info 256 0 R/Length 61/Prev 406099/Root 259 0 R/Size 274/Type/XRef/W[1 2 1]>>stream IPSAS 17 PPE.doc 04/04/2008 Page 1 of 22 IPSAS 17 PROPERTY, PLANT AND EQUIPMENT ACCOUNTING POLICIES AND PRACTICES Executive Summary This papersummarizes accounting policies and recommends practices with respect to accounting for property, plant and equipment. endstream endobj startxref PBE IPSAS 21 Impairment of Non-Cash-Generating Assets. International Public Sector Accounting Standards Board (IPSASB), and other accompanying implementation guidance issued by the Board. %%EOF The Standard clarifies in paragraph 23 that the costs of day-to-day servicing of property, plant and equipment are recognized in surplus or deficit. developed by the International Public Sector Accounting Standards Board (IPSASB). Corona Virus South African Resource Portal and Emergency Hotline: 0800 029 999 WhatsApp Support Line: 0600 123 456 ��܁e5�9���|[� �:��9*��[�E@%�F{����V��3. Preface to International Public Sector Accounting Standards ..... 11 The Conceptual Framework for General Purpose Financial Reporting ... IPSAS 17—Property, Plant, and Equipment ..... 502 IPSAS 18—Segment Reporting ..... 546 IPSAS 19—Provisions, Contingent Liabilities and Contingent Assets ... 580 IPSAS 20—Related Party Disclosures ... PBE FRS 43 Summary Financial Statements. A succinct, yet highly informative guide to IPSAS and their application. IPSAS 17 is mostly a transposition of IAS 16 – which was issued by IASB for tangible assets held in the private sector – and cannot provide a definitive solution to the HA accounting problem, leaving the choice of which accounting approach to adopt to public sector entities. 273 0 obj <>stream IPSAS in your pocket — 2019 edition Published on: 27 Mar 2019 This guide summarises the provisions of all International Public Sector Accounting Standards (IPSAS), recommended practice guidelines and the conceptual framework, outstanding at 1 January 2019. This Handbook contains the complete International Public Sector Accounting Standards, published as of January 31, 2020. PBE IPSAS 17 – This version is effective for reporting periods beginning on or after 1 Jan 2021 (early adoption permitted) Date of issue: Sep 2014 Date compiled to: 31 Jan 2020 (excludes PBE IPSAS 41 and PBE IFRS 17) Download. h�bbd``b`���@�~$��[���₈�L���,F���� ~� The @Summaries on a Page @ Public Sector - Public Benefit Entities Standards@ (@SOAPs PS PBEs@) have been compiled to assist the user with gaining a high-level overview of the respective Public Benefit Entities Standards (@PBE Standards@)). IPSAS 20: Related Party Disclosures 142. The following documents have been amended: IPSAS 1, IPSAS 17, IPSAS 28 and IPSAS 31. It may be appropriate to aggregate individually ... Take O’Reilly online learning with you and learn anywhere, anytime on your phone and tablet. Executive Summary 5 1. IPSAS 17: Property, Plant and Equipment 125. Previously, IPSAS 17 contained two recognition principles - one applied to initial costs while another applied to subsequent expenditures. This paper addresses the research question by using the account departments of all ministries under Lagos State as a case study with 164 sample size �4���@���$ڡ��N��F7�ԑ)�&�����l��|c~!5q�u�L�:B�rD���Pv�э����]XR�V���R٨ 3i��|��q�`p��)�U~jƎȶ��–E��oN���&�YǮ����v_�":�5b�l�� Sync all your devices and never lose your place. According to IPSAS 17.14, the cost of an item of property, plant and equipment is recognized as an asset if, and only if: IPSAS 17 does not prescribe the unit of measure for recognition, i.e., what constitutes an item of property, plant and equipment. ��@�a~:p�Jf� 5�>߹�A�6�0��e���䥤 5S�n^[v����XTEuy'�% 9$%�a�e��?��*�^�?jR�8�DS2�p� j�W|�\!�AD^��]�#�f��h-�m��/��������"�i甴����H4�c&}��w�磦��*�n��OR��̢�9�ோ!D���`�L^�v^i�gSZ�_x2�ŭ\��l�wJ�+���!��`���C�۞��0D�Cр cV � a) It is probable that the future economic benefits or service potential associated with the item will flow to the entity. PBE IPSAS 20 Related Party Disclosures. Figure 1 and Table 1 below provide a summary for recognition and measurement of PPE items as outlined by IPSAS 17 and captured in the framework by Ismail et al. IPSAS 19: Provisions, Contingent Liabilities and Contingent Assets 136. /ل!��4�� ��k�QKX&� �a�������������U�_Z���P�+��fЫ��u-Ur�~����؋�%=����a7{��8rRZ�"�~V�m�V8��b�縇l �y!���jQ�K�3���ѓL��b. Scope Should a conflict arise between this policy framework and the relevant IPSAS standard, the requirements of the standard prevail. Romania – Central government has adopted the accrual basis of accounting, including some of the IPSASs, notably IPSAS 1 Presentation of Financial Statements, IPSAS 2 Cash Flow Statements, IPSAS 12 Inventories, IPSAS 17 Property, Plant and Equipment and IPSAS 19 Provisions, Contingent Liabilities and Contingent Assets. Summary This chapter covers the IPSAS that detail the requirements for accounting for, and reporting on, long‐term assets and related transactions. 0 In the public entity context the exchange of goods can be (i) the sale of goods, (ii) rendering of services (iii) interest, royalties, dividends and similar distributions. IPSAS 18: Segment Reporting 133. Previously, IPSAS 17 contained two recognition principles − one applied to initial costs while another applied to subsequent expenditures. endstream endobj 258 0 obj <>>>/Filter/Standard/Length 128/O(\(�e6�d��\\��wɂ�ވ�9�]��A\)�)/P -3388/R 4/StmF/StdCF/StrF/StdCF/U(��\( �g�2U�9�Tp� )/V 4>> endobj 259 0 obj <>>> endobj 260 0 obj <>/Font<>/ProcSet[/PDF/Text]/Properties<>>>/Rotate 0/TrimBox[0.0 0.0 432.0 648.0]/Type/Page>> endobj 261 0 obj <>stream This paper examines IPSAS adoption and quality of financial reporting in the Nigerian public sector. IPSAS 17 Property, Plant and Equipment. Challenges and success factors: South America 18 7. This course primarily relies on lecture and class discussion, although we also utilize in-class individual and group exercises to illustrate theory and practice relevant to financial decision-making regarding International Public Sector Accounting Standards (IPSAS). �,���W5P q�G(Vmk2�&�E�3���^/�5Ca��A�SL߄g_s @M�ON���z�|���#P ���^Pq���cʵ|�a̷�_����%�� �z�\�T"T��.���� ���O,ڇ��]� �5�~���z5m�����;$?���>��=���ƙ�FKo='��?Y#}, 0��L���� w���/ IPSAS 16: Investment Property 120. Modifications were made to the original standard to make it more applicable to the local context. IPSAS 17 International Public Sector Accounting Standard 17, Property, Plant, and Equipment, is set out in paragraphs 1–109. IPSAS Accrual Accounting Workshop-Jabatan Akauntan Negara 28-29 Aug2012 4 %PDF-1.6 %���� These SOAPs are applicable to … IPSAS 9 prescribes the accounting requirements for when to recognize revenue from exchange transactions and events. PBE FRS 45 Service Concession Arrangements: Operator. 257 0 obj <> endobj Below is a summary of the ... IPSAS No. IPSAS Summary In this brochure, we summarize the provisions of all 24 International Public Sector Accounting Standards (IPSAS) in issue and 2 exposure drafts outstanding at 1 November 2007. IPSAS Explained provides a concise summary of the International Public Sector Accounting Standards for practitioners needing to maintain compliance with ever-changing practices. O’Reilly members experience live online training, plus books, videos, and digital content from 200+ publishers. IPSAS 22 Disclosure of Financial Information about the General Government Sector . IPSAS 18 Segment Reporting . IPSAS 19 Provisions, Contingent Liabilities, Contingent Assets. Get unlimited access to books, videos, and. The International Public Sector Accounting Standards Board (IPSASB) focuses on the accounting and ... IPSASs in summary There are 26 accrual based IPSAS and 1 cash based IPSAS currently in issue. Increase / (decrease) in advance receipts ... International Public Sector Accounting Standards transitional provisions. Countries and stage of adoption of IPSAS: Africa 14 4. • to clarify in paragraph 23 that the costs of day-to-day servicing of property, plant and equipment are recognized in surplus or … Countries and stage of adoption of IPSAS: Asia 8 2. 2 Summary of IPSAS Accounting Policies 2.1 ... 17 . The objective of IPSAS 17 is to prescribe the accounting treatment for property, plant and equipment so that users of financial statements can discern information about an entity's investment in its property, plant and equipment and any changes in such investment. © 2020, O’Reilly Media, Inc. All trademarks and registered trademarks appearing on oreilly.com are the property of their respective owners. IPSAS 17 should be read in the context of its objective, the Basis for Conclusions, the Preface to International Public Sector Accounting Standards, and _t$���4��V"k\�t)��R��e�����~�\.����o�ҹ�$�oŃ������ y����)��Lz�R��ig���ѽ�������l4R� f!�t��L_�3�5�и�t�~z���21�R���K �Y̭G=��$�85�&�ơ�{P� d�Axk�P��U@���\K�����7X��]�l��"�%k�~R`��fCgU�|���G�����p��]t�9/��˧��'� PBE IPSAS 19 Provisions, Contingent Liabilities and Contingent Assets. ;�5k&M�/�=�j��� �~AK28��q\8I�c 17: Property, Plant and … b) The cost or fair value of the item can be measured reliably. Countries and stage of adoption of IPSAS: South America 17 6. IPSAS 21 Impairment of Noncash-generating Assets . Property, plant and equipment are tangible items that (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one reporting period. 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