Non-Authoritative Amendments to IPSAS 41, Financial Instruments

The IPSASB has issued Non-Authoritative Amendments to IPSAS 41, Financial Instruments.

This pronouncement provides additional non-authoritative guidance in IPSAS 41, Financial Instruments, to clarify the requirements for classifying, recognizing, and measuring public sector specific financial instruments.

Additional guidance underlines that public sector items that meet the definition of a financial instrument should be accounted for by applying existing IPSAS principles, and clarifies the principles themselves to help improve financial information. This guidance relates to the following monetary items unique to the public sector:

• Monetary gold;
• Currency in circulation;
• IMF quota subscriptions; and
• IMF Special Drawing Rights (SDRs).