ASCA (Jordan) Issues the Translated Arabic Version of IPSAS 2011

AMMAN------ January 16, 2012------ As a part of the professional responsibility of the Arab Society of Certified Accountants (Jordan) (ASCA-Jordan) and its attempt to keep pace with the updates and developments in the fields of accounting and auditing, the Society has issued the latest version of the International Public Sector Accounting Standards after being amended by the International Public Sector Accounting Standards Board (IPSASB).



The New York-based Board develops high-quality International Public Sector Accounting Standards (IPSASs), guidance, and resources for use by public sector entities around the world for preparation of general purpose financial statements.



The amendments to IPSAS include:

• IPSAS 1, Presentation of Financial Statements;

• IPSAS 2, Cash Flow Statements;

• IPSAS 3, Accounting Policies, Changes in Accounting Estimates and Errors;

• IPSAS 7, Investments in Associates;

• IPSAS 9, Revenue from Exchange Transactions;

• IPSAS 10, Financial Reporting in Hyperinflationary Economies;

• IPSAS 12, Inventories;

• IPSAS 13, Leases;

• IPSAS 18, Segment Reporting;

• IPSAS 20, Related Party Disclosures;

• IPSAS 21, Impairment of Non-Cash-Generating Assets;

• IPSAS 25, Employee Benefits; and

• IPSAS 26, Impairment of Cash-Generating Assets.



These amendments are effective for annual financial statements covering periods beginning on or after January 1, 2012.



It is worth mentioning that ASCA continuously seeks to develop accounting and management sciences, as well as all related principles applicable to professional services. ASCA also strives to improve competence and practice and strengthen the code of ethics in accordance with the highest professional standards through the issuance of accounting publications and following up on the recent developments in accounting and auditing professions.