ppsas 32 - service concession oct - 18 2013
DESCRIPTION
for government accountantsTRANSCRIPT
Philippine Public Sector Accounting Standard 32
SERVICE CONCESSION ARRANGEMENTS: GRANTOR
Table of ContentsPAG Number
BACKGROUND
INTRODUCTION TO THE IPSAS 32
PHILIPPINE APPLICATION GUIDANCE TO IPSAS 32
Scope1
Effective Date2
SERVICE CONCESSION ARRANGEMENTS: GRANTORBackground
This Philippine Public Sector Accounting Standard (PPSAS) 31 consists of International Public Sector Accounting Standard (IPSAS) 32, Service Concession Arrangements: Grantor and the Philippine Application Guidance (PAG) prepared to suit the Philippine public sector situation.
The IPSAS 32 was issued in October 2011 by the International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants (IFAC). This includes amendments resulting from IPSASs issued up to January 15, 2012.The PAG (in italics) provides supplementary guidance on the proper implementation of IPSAS 32.
Introduction to the IPSAS 32IPSAS 32 prescribes the accounting for service concession arrangements by the grantor, a public sector entity. This includes the recognition of service concession asset, liability, revenue, expenses and equity, and the required presentation and disclosures in the financial statements. Philippine Application Guidance to IPSAS 32Scope
PAG1. Paragraph 3 deals with the applicability of this Standard to all public sector entities other than Government Business Enterprises (GBEs). GBE is an entity that has all the following characteristics: (a) Is an entity with the power to contract in its own name; (b) Has been assigned the financial and operational authority to carry on a business; (c) Sells goods and services, in the normal course of its business, to other entities at a profit or full cost recovery; (d) Is not reliant on continuing government funding to be a going concern (other than purchases of outputs at arms length); and (e) Is controlled by a public sector entity. This standard shall be applied to all National Government Agencies (NGAs), Local Government Units (LGUs) and Government-Owned and/or Controlled Corporations (GOCCs) not considered as GBEs. Effective DatePAG2. This PPSAS shall apply for annual financial statements covering periods beginning January 1, 2014.
Public Sector Auditing Standards Board
(PSSB Auditing)
PPSAS 32 - Service Concession Arrangements: GrantorJanuary 2014
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