This document sets out amendments to IPSASs and the related Bases for Conclusions, Comparisons with IFRSs/IASs, and guidance. These amendments are drawn from the IASB document, Improvements to IFRS issued in May 2008. The IASB's rationale for its amendments is documented in the related Bases for Conclusions in the IASB's document, Improvements to IFRS.

IPSAS 31 prescribes the accounting treatment for intangible assets. It is adapted for public sector entities from IAS 38, Intangible Assets. The objective of this standard is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another standard. This standard requires an entity to recognize an intangible asset if, and only if, specified criteria are met. The standard also specifies how to measure the carrying amount of intangible assets, and requires specified disclosures about intangible assets.

International Public Sector Accounting Standard (IPSAS) 28, Financial Instruments: Presentation, replaces IPSAS 15, Financial Instruments: Disclosure and Presentation (issued December 2001), and should be applied for annual reporting periods beginning on or after January 1, 2013. Earlier application of this standard, simultaneously with IPSAS 29, Financial Instruments: Recognition and Measurement and IPSAS 30, Financial Instruments: Disclosures is encouraged.

IPSAS 29 prescribes recognition and measurement principles for financial instruments and is primarily drawn from International Accounting Standard 39, Financial Instruments: Recognition and Measurement (as at December 31, 2008, including certain amendments published by the International Accounting Standards Board as part of its Improvements to IFRSs issued in April 2009).

This International Public Sector Accounting Standard (IPSAS) prescribes disclosure requirements for financial instruments and is drawn from International Financial Reporting Standard 7, Financial Instruments: Disclosures published by the International Accounting Standards Board (IASB) (as at December 31, 2008, including amendments published in April 2009).

IPSAS 27 prescribes the accounting treatment and disclosures related to agricultural activity, a matter not covered in other standards. Agricultural activity is the management by an entity of the biological transformation of living animals or plants (biological assets) for sale, or for distribution at no charge or for a nominal charge or for conversion into agricultural produce or into additional biological assets.

IPSAS 4 prescribes how to include foreign currency transactions and foreign operations in the financial statements, as well as how to translate financial statements into a presentation currency. The technical updates to IPSAS 4 clarify the requirements for public sector entities to convert foreign currency transactions and balances into their reporting currency.

The objective of this Standard is to prescribe the accounting and disclosure for employee benefits.

The objective of this Standard is to prescribe the procedures that an entity applies to determine whether a cash-generating asset is impaired and to ensure that impairment losses are recognized. This Standard also specifies when an entity should reverse an impairment loss and prescribes disclosures.

The purpose of this standard is to prescribe the manner in which general purpose financial statements should be presented under the cash basis of accounting.

The IPSASB has issued a revised Preface which sets out its objectives and operating procedures and explains the scope and authority of the IPSASs.

The objective of this Standard is to prescribe disclosure requirements for governments which elect to present information about the general government sector (GGS) in their consolidated financial statements. The disclosure of appropriate information about the GGS of a government can enhance the transparency of financial reports, and provide for a better understanding of the relationship between the market and non-market activities of the government and between financial statements and statistical bases of financial reporting.

The objective of this Standard is to prescribe requirements for the financial reporting of revenue arising from non-exchange transactions, other than non-exchange transactions that give rise to an entity combination. The Standard deals with issues that need to be considered in recognizing and measuring revenue from non-exchange transactions including the identification of contributions from owners.

This standard requires a comparison of budget amounts and the actual amounts arising from execution of the budget to be included in the financial statements of entities which are required to, or elect to, make publicly available their approved budget(s) and for which they are, therefore, held publicly accountable. The standard also requires disclosure of an explanation of the reasons for material differences between the budget and actual amounts. Compliance with the requirements of this standard will ensure that public sector entities discharge their accountability obligations and enhance the transparency of their financial statements by demonstrating compliance with the approved budget(s) for which they are held publicly accountable and, where the budget(s) and the financial statements are prepared on the same basis, their financial performance in achieving the budgeted results.