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Technical news in brief January 2020

ICAEW's Audit and Assurance Faculty brings you the latest technical updates on developments in auditing and assurance, financial reporting and ethics. Please note Only Audit and Assurance Faculty members and Faculties Online subscribers have access to these technical updates.

Financial reporting | 31 January 2020: The International Public Sector Accounting Standards Board (IPSASB) has issued Collective and Individual Services (Amendments to IPSAS 19) to provide guidance on a wide range of significant government expenditures that directly impact the lives of citizens globally. This new guidance complements IPSAS 42, Social Benefits by providing requirements for accounting for collective services (such as defence 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 recognised at the point of service delivery.

Financial reporting | 30 January 2020: The IPSASB has published Improvements to IPSAS, 2019. The changes include minor improvements to IPSAS in order to address issues raised by stakeholders.