1. Contribution FI: IPSAS-TF 5-6 July
Esko Mustonen

2. a quick review of IPSAS standards (1) Standards that might be implemented immediately:National regulation similar or almost similar
IPSAS 3: Accounting policies, changes in accounting estimates and errors
IPSAS 4: The effects of changes in foreign exchange rates
IPSAS 5: Borrowing costs
IPSAS 8: Investments in joint ventures
IPSAS 10: Financial reporting in hyperinflationary economies IPSAS *)
IPSAS 11: Construction contracts
IPSAS 12: Inventories
IPSAS 16: Investment property
IPSAS 17: Property, plant and equipment
IPSAS 21: Impairment of non-cash-generating assets
IPSAS 23: Revenue from non-exchange transactions (taxes and transfers)
IPSAS 31: Intangible assets
*) National standard does not exist, but unlikely event

3. a quick review of IPSAS standards (2) Standards that need adoption, or for which selective approach is needed: Changes in national regulation needed
IPSAS 1: Presentation of financial statements.
IPSAS 2: Cash flow statements.
IPSAS 7: Investments in associates
IPSAS 9: Revenue from exchange transactions.
IPSAS 13: Leases
IPSAS 18: Segment reporting
IPSAS 24: Presentation of budget information in financial statements

4. a quick review of IPSAS standards (3) Standards that are seen as (too) problematic to implement
IPSAS 6: Consolidated and separate financial statements
IPSAS 19 Provisions, contingent liabilities and contingent assets
IPSAS 20: Related party disclosures.
IPSAS 22: Disclosure of financial information about the general government sector.
IPSAS Financial instruments
IPSAS 25 Employee benefits
?? Standards 27 (Agriculture), 32 (Service concession arrangements)

5. Options
Pefered option EPSAS ( subset of IPSAS): European review/approval process, but only minor adjustments (European framework/application). Full IPSAS implementation: time consuming, resource intensive ->Apply where the marginal benefits or demand are highest.
EU designed standards should be avoided if possible. No parallel work with IPSASB.
Independence of standard setter?

6. Accounting methods for European projects in national level.
Benefits for Finland of implementing a set of harmonised accrual accounting standards in the other EU Member States?
Common framework supports development of national accounting procedures in general.
Accounting methods for European projects in national level.
Network of accounting professionals.