How many IPSASs are issued and effective as of December 31, 2023?

How many IPSAS are adopted and effective in the Philippines as of December 31, 2023?

The financial statements provide users with information about an entity’s:

I.         resources and obligations at the reporting date

II.        income and expenses as of the reporting date

III.      flow of resources between reporting dates

Statement 1: Items of a dissimilar nature or function shall be presented separately, unless they are immaterial.

Statement 2: Assets and liabilities, and revenue and expenses, shall not be offset unless required and permitted by an IPSAS.

When it is impracticable to reclassify comparative amounts, an entity shall disclose:

I.         The nature of the reclassification

II.        The reason for not reclassifying the amounts

III.      The amount of each item or class of items that is reclassified

IV.      The nature of the adjustments that would have been made if the amounts had been reclassified

Statement 1: An entity shall disclose on the face of the statement of financial position and in the notes, further subclassifications of the line items presented, classified in a manner appropriate to the entity’s operations

Statement 2: All items of revenue and expense recognized in a period shall be included in surplus or deficit, unless an IPSAS requires otherwise.

As a minimum, the face of the statement of financial performance shall include line items that present the following amounts for the period:

I. Finance costs

II. Accumulated Surplus or deficit

III. Reserves

IV. Impairment losses

Cash flow information provides users of financial statements with a basis to assess:

I. ability of the entity to generate cash and cash equivalents

II. sources of cash and cash equivalents

III. needs of the entity to utilize those cash flows

Statement 1: Notes providing information about the basis of preparation of the financial statements and specific accounting policies may not be presented as a separate component of the financial statements.

Statement 2: The summary of significant accounting policies applied is the first part of the Notes.

An entity shall disclose in the summary of significant accounting policies:

I. The extent to which the entity has applied any transitional provisions in any IPSAS

II. The other accounting policies used that are relevant to an understanding of the financial statements

III. The measurement basis used in preparing the financial statements

Assets that are used to generate net cash inflows.

When comparative amounts are reclassified, an entity shall disclose:

I. The reason for the reclassification

II. The nature of the reclassification

III. The total amount that is reclassified