IFAC Issues Exposure Draft for Non-Exchange Revenue
| Easy & Profitable Client Payroll with PayCycle|
Now is a great time to get clients set up for payroll. We’d like to invite you to a FREE 60-minute web seminar sponsored by PayCycle, the leader in on-demand payroll. During this informative session, you’ll discover how to:
All PayCycle webinar attendees will receive 1 month free on PayCycle’s service. After the free period, PayCycle costs just $14.99 per client per month for the first 5 employees. Each additional employee is just $0.25 per month. This low monthly fee includes everything you need to process payroll, including a firm-branded website for clients, direct deposit, electronic tax payments and filings, seamless integration with QuickBooks, ATX, CCH and other leading accounting software, free customer support with payroll experts, customized marketing resources to solicit your payroll service to clients, and much more.
Revenue from Non-Exchange Transactions (including Taxes and Transfers)  deals with a range of matters vital to financial reporting by governments of taxes, the basis on which a range of taxes should be recognized and how they should be measured. The Exposure Draft provides guidance regarding the conditions and restrictions on how the use of transferred resources should be reflected in financial statements, as well as addressing accounting for other major sources of non-exchange revenue, including transfers from other governments and international organizations, gifts and donations, by public sector entities.
“The ED is the result of three years of intense work with the contribution of public finance specialists. It reflects present priorities of the IPSASB with respect to public sector specific issues,” IPSASB Chair Philippe Adhemar said in a statement announcing the availability of the exposure draft. “The ED proposes the establishment of an international benchmark for the financial reporting of taxes and other major non-exchange revenues of governments. Compliance with the requirements proposed in the ED will enhance the quality, comparability and transparency of financial reporting by public sector entities around the world.”
The IPSASB exposure draft addresses issues similar to those addresses by the Governmental Accounting Standards Board (GASB) Statement No. 33: Accounting and Financial Reporting for Nonexchange Transactions, which establishes accounting and financial reporting standards for nonexchange transactions, including most taxes, grants and private donations. Statement No. 33, which went into effect on June 15, 2000, was slightly modified by Statement No. 36: Recipient Reporting for Certain Shared Nonexchange Revenues – an Amendment of GASB Statement No. 33, which went into effect the same day and supercedes Paragraph 28 of Statement No. 33.
Comments on the 64-page exposure draft from the IPSASB will be accepted by June 30, 2006. The five-month comment period has been provided to ensure all constituents have sufficient time to consider and respond to the proposed standards of great importance to public reporting entities. Comments can be emailed to email@example.com, faxed to the attention of the IPSASB Technical Director at (212) 286-9570 or mailed to the IFAC at 545 Fifth Avenue, 14th Floor, New York, NY, 10017 USA. All comments will be considered a matter of public record and ultimately posted on the IFAC’s website at www.ifac.org. 
IFAC is an international organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong economies around the world. Currently, 160 professional accountancy bodies in 120 countries, representing 2.5 million accountants in public practice, government service, industry and commerce are members of IFAC.