Administration November 3, 2006

Accounting Group Releases Government Benefits Standard

November 3, 2006 (PLANSPONSOR.com) - A global accounting standards organization has released an exposure draft of a new mandate on dealing with short-term employee benefits, post-employment benefits, other long-term employee benefits and termination benefits.
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According to a WebCPA.com news report, the International Public Sector Accounting Standards Board’s exposure draft Number 31, Employee Benefits, is based on the International Accounting Standard Number 19.

The purpose of the new draft is to help governments and other public sector entities appropriately account for the costs of employee benefits.

The news report said that the proposed standard deals with a number of public-sector issues including:

  • Determining the risk-free discount rate to be applied for discounting obligations arising from post-employment benefits;
  • The treatment of post-employment benefits provided through composite Social Security programs; and
  • Mechanisms for the orderly implementation of the proposed standard in the public sector.

Public comments on the new draft are requested by February 28, 2007. They can be sent via regular mail to:

The Technical Director

International Public Sector Accounting Standards Board

International Federation of Accountants

545 Fifth Avenue, 14th Floor

New York , New York 10017

E-mail responses should be sent to:  publicsectorpubs@ifac.org

The draft can be viewed  here .

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