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: firstname.lastname@example.org
The draft can be viewed here .