What is ifric12?
IFRIC 12 Service Concession Arrangements is an Interpretation issued by the IFRS Interpretations Committee (formerly IFRIC) that may have a very significant impact on the financial reporting of any company that enters into a concession arrangement with government.
What is a service concession arrangement?
A service concession arrangement is an arrangement whereby a government or other public sector body contracts with a private operator to develop, operate and maintain an infrastructure asset such as a road, bridge, tunnel, airport, energy distribution network, prison or hospital.
What is service concession asset?
Service concession assets These are assets used to provide public services in a service concession arrangement that is provided by the operator. The operator constructs, develops, or acquires the asset from a third party or it is an existing asset of the operator.
What Ipsas 32?
GRANTOR. Acknowledgment. This International Public Sector Accounting Standard (IPSAS) sets out the accounting requirements of the grantor in a service concession arrangement.
How many IFRICs have been issued?
As of May 2009, IFRS consists of eight IFRS, 17 IFRICs, all or part of 29 IASs (which were originally issued by the International Accounting Standards Committee (IASC) and later adopted by the IASB), and 11 SICs (which were originally issued by the IASC’s Standing Interpretations Committee).
What is a service concession arrangements GASB?
Based on GASB 60, an SCA is an arrangement between a transferor (a government) and an operator (governmental or nongovernmental entity) where the transferor conveys to the operator the right to provide public services through the use of a facility (either existing or newly constructed infrastructure) or other asset, in …
What is concession in accounting?
In finance, a concession refers to the compensation an underwriter receives for managing the sale of stocks or bonds for a company. The underwriter is generally an investment bank that assumes the risk of marketing and distributing the shares of a new issue for a publicly traded company.
What Ipsas 17?
IPSAS 17. 538. Objective. 1. The objective of this Standard is to prescribe the accounting treatment for property, plant, and equipment so that users of financial statements can discern information about an entity’s investment in its property, plant, and equipment and the changes in such investment.
What are the reporting requirements of Ipsas 24?
IPSAS 24 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.
How many IAS have been so far?
The following is the list of IFRS and IAS issued by the International Accounting Standard Board (IASB) in 2019. In 2019, there are 16 IFRS and 29 IAS. IAS will replace IFRS once it is finalized and issued by IASB.
Which body formed the NASB?
NASB was established in 1982 as a private sector initiative closely associated with the Institute of Chartered Accountants of Nigeria (ICAN). NASB became a government agency in 1992, reporting to the Federal Minister of Commerce.