Accounting
IPSASB Offers Guidance on Social Policy Expenditures
This new guidance complements IPSAS 42 by providing requirements for accounting for collective services (such as defense at national-levels and street lighting at sub-national levels) and individual services (such as healthcare and education).
Feb. 11, 2020
The International Public Sector Accounting Standards Board (IPSASB) has issued Collective and Individual Services (Amendments to IPSAS 19), which addresses a wide range of significant government expenditures that directly impact the lives of citizens globally.
Last January, the IPSASB issued IPSAS 42, Social Benefits, providing much-needed guidance on accounting for social benefits expenditure.
This new guidance complements IPSAS 42 by providing requirements for accounting for collective services (such as defense at national-levels and street lighting at sub-national levels) and individual services (such as healthcare and education). Collective and Individual Services requires that an expense is recognized at the point of service delivery.
IPSASB Chair, Ian Carruthers, said “I am pleased that, with the publication of Collective and Individual Services (Amendments to IPSAS 19), which complements IPSAS 42, Social Benefits, the IPSASB now has a full set of requirements and guidance on accounting for the most important programs of government.”