Question: what are the key differences between ipsas 1 and aasb 101?
Answer: AASB 101 and IPSAS 1 International Public Sector Accounting Standards (IPSASs) are issued by the Public Sector Committee of the International Federation of Accountants. (b) IPSAS 1 allows the presentation of “extraordinary items”. In contrast, AASB 101 does not permit extraordinary items to be presented.