The International Public Sector Accounting Standards Board® has issued International Public Sector Accounting Standard® (IPSAS®) 44, Non-current Assets Held for Sale and Discontinued Operations.
IPSAS 44 is based on International Financial Reporting Standard (IFRS®) 5, Non-current Assets Held for Sale and Discontinued Operations. The new IPSAS specifies the accounting for assets held for sale and the presentation and disclosure of discontinued operations. IPSAS 44 includes additional public sector requirements, in particular, the disclosure of the fair value of assets held for sale that are measured at their carrying amounts, when the carrying amount is materially lower than their fair value.
“This standard fills a gap in the IPSAS suite by providing guidance on how to account for public sector assets that are held for sale on commercial terms,” said IPSASB Chair Ian Carruthers. “Adding guidance on this topic is important from a public interest perspective, as it ensures transparency and accountability when decisions to sell public sector assets have been taken.”
IPSAS 44 has an effective date of January 1, 2025. Earlier application is permitted.
http://https//www.ipsasb.org/news-events/2022-05/ipsasb-issues-ipsas-44-non-current-assets-held-sale-and-discontinued-operations