The objective of IPSAS 23 is to prescribe requirements for the financial reporting of revenue arising from non-exchange transactions, other than non-exchange transactions that give rise to an entity combination. The standard deals with issues that need to be considered in recognizing and measuring revenue from non-exchange transactions including the identification of contributions from owners. While the revenue of public sector entities stems both from exchange and non-exchange transactions, most transactions at public sector entities are non-exchange transactions. In particular, these include revenue from taxes and transfers (both cash and non-cash transfers).
IPSAS 23 is an IPSAS specifically for the public sector. As a result, there is no IFRS equivalent.
Exchange transactions are transactions in which one entity receives assets or services, or has liabilities extinguished, and directly gives approximately equal value (primarily in the form of cash, goods, services, or use of assets) to another entity in exchange.
Non-exchange transactions are transactions that are not exchange transactions. In a non-exchange transaction, an entity either receives value from another entity without directly giving approximately equal value in exchange, or gives value to another entity without directly receiving approximately equal value in exchange. ...