Interpretation and Application of IPSAS

Annex 4: Appendix to Chapter 21. Transition to IPSAS. Case Example: Iceland IPSAS Implementation Plan¹

Action	Phase I Jan–June 2014	Phase II July–Dec 2014	Phase II/Phase III 2015	Phase IV 2016	Phase V 2017
1a. Consolidation within class A, between A and B classes and A and C class (Transactions and balances between B and C classes aggregated)	– Identify relevant B and C entities – Inform accountants in agencies and line ministries – Agree method of capturing inter-entity transactions – Train staff who consolidate	– Develop form and content of separate (A entities) and consolidated financial statements – Document procedures for consolidation – Issue instructions to B and C entities to submit financial statements and supplementary information for 2014 by March 31, 2015; also other information requirements (e.g., for quarterly reporting) – Consolidate balance sheet as at January 1, 2014	– Prepare first trial consolidated financial statements for 2014 including notes according to IPSAS – Issue instructions to B and C entities to submit financial statements and supplementary information for 2014 by March 31, 2016
1b. Consolidation within class A, between A and B classes, A and C classes, and B and C classes	– Refine and improve accounting policies, processes, and data quality and completeness based on experience and comments of INAO	– Prepare second trial consolidated financial statements for 2015 including notes
1c. Consolidation within class A, ...