The International Public Sector Accounting Standards Board^® (IPSASB^®) has published its 2024-2028 Strategy and Work Program. The 2024-2028 Strategy builds on the strong foundation of the successful implementation of the 2019-2023 Strategy and Work Program.

IPSASB Chair Ian Carruthers said: “The hard work during the 2019-2023 Strategic period to close gaps in the suite of IPSAS has allowed the IPSASB to shift resources towards ensuring the consistent application of IPSAS in the 2024-2028 Strategic period. Thank you to all our stakeholders who either responded to the consultation or participated at our regional roundtables that supported the proposals to add an application panel and post-implementation review process to help address the different resource capacities of stakeholders at various levels of accrual adoption and application of PFM.

We’ve now also made the landmark change for the public sector of adding sustainability reporting standards to the high-quality global standards we deliver.”

The IPSASB’s Strategic Objective for 2024-2028, strengthening Public Financial Management and sustainable development globally through increasing adoption and implementation of accrual IPSAS and international public sector sustainability reporting standards, will be achieved through the following activities:

How to Access
Access the IPSASB’s 2024-2028 Strategy and Work Program. The IPSASB encourages IFAC members, associates, and Network Partners to promote the availability of the IPSASB’s 2024-2028 Strategy and Work Program to their members and employees.

About the IPSASB
The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through developing and maintaining accrual-based International Public Sector Accounting Standards® (IPSAS®) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and the benefits of accrual adoption. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, the government of Canada, and The World Bank. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.

About the Public Interest Committee
The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information.

The IPSASB's 2024-2028 Strategy and Work Program builds upon the success of the previous strategy and rebalances the work program towards the maintenance of IPSAS and sustainability reporting. The IPSASB’s Strategic Objective for 2024-2028 is Strengthening Public Financial Management and sustainable development globally through increasing adoption and implementation of accrual IPSAS and international public sector sustainability reporting standards.

The International Public Sector Accounting Standards Board® (IPSASB®), developer of IPSAS®, international accrual-based accounting standards for use by governments and other public sector entities around the world, has today issued Concessionary Leases and Other Arrangements Conveying Rights over Assets (Amendments to IPSAS 43, IPSAS 47, and IPSAS 48). 

The new guidance addresses public sector issues specific to concessionary leases (i.e. leases at below-market terms) and other arrangements conveying rights over assets that are not leases that are prevalent in the public sector. It reflects feedback from constituents to the Request for Information, Concessionary Leases and Other Arrangements Similar to Leases, and build on the principles in IPSAS 43, Leases, IPSAS 47, Revenue, and IPSAS 48, Transfer Expenses, and thus complements those Standards.

“Concessionary Leases and Other Arrangements Conveying Rights over Assets will enhance accountability and decision-making in the public sector by providing new guidance to make the financial reporting of these specific arrangements more consistent and transparent,” said IPSASB Chair Ian Carruthers. “This final pronouncement completes the Leases project and equips public sector entities with a complete set of guidance to address their broad-ranging needs.”

The amendments to IPSAS 43 and IPSAS 47 have an effective date of January 1, 2027. Earlier application is permitted. Access the Standard.

About the IPSASB
The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through developing and maintaining accrual-based International Public Sector Accounting Standards^TM (IPSAS®) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and the benefits of accrual adoption. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, the government of Canada, and the World Bank. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.

About the Public Interest Committee
The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information.

The IPSASB held its third meeting of the year from September 17-20 in Brussels, Belgium hosted by the European Commission. Recordings of the meetings are available on our YouTube channel.

The International Public Sector Accounting Standards Board (IPSASB), developer of reporting standards for the public sector, announced its new 2025 board members at its recent meeting in Brussels, Belgium. The 2025 board will continue to be a diverse group with gender-parity and exceptional global public sector financial and sustainability reporting experience. 

The new IPSASB appointees have been selected following a rigorous nomination and interview process operated by the IFAC Nominating Committee, which is overseen by the Public Interest Committee, and with the final appointments approved by the IFAC Board. 

The new Board members, appointed for a three-year term of service, are: 

• Yun Huang, China 
• Sung-Jin Park, Korea 
• Karen Sanderson, UK  

The following three current Board members have been re-appointed: 

• Abdullah Al-Mehthil, Saudi Arabia
• Claudia Beier, Switzerland 
• Maik Esser-Müllenbach, Germany 

Claudia Beier of Switzerland has been appointed as the IPSASB Deputy Chair for 2025. 

“Each year, we continue to welcome diverse voices and perspectives, which are needed to support our global standard-setting activities,” said IPSASB Chair Ian Carruthers. “Diversity of Board membership is essential to ensure the delivery of high-quality standards that can strengthen public financial management and sustainable development globally.” 

About the IPSASB 

The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through developing and maintaining accrual-based International Public Sector Accounting Standards® (IPSAS®) and other high-quality financial reporting guidance and sustainability reporting standards for use by governments and other public sector entities. It also raises awareness of IPSAS and the benefits of accrual adoption. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, the government of Canada, and the World Bank. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org. 

About the Public Interest Committee 

The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information. 

The new guidance addresses public sector issues specific to concessionary leases (i.e. leases at below-market terms) and other arrangements conveying rights over assets that are not leases that are prevalent in the public sector.

The International Public Sector Accounting Standards Board (IPSASB) has released Exposure Draft (ED) 91, Limited-scope Updates to First-time Adoption of Accrual Basis International Public Sector Accounting Standards (IPSAS) (Amendments to IPSAS 33) for public comment. 

“The IPSASB encourages public-sector entities and jurisdictions around the world to apply the accrual basis of accounting through the adoption and implementation of accrual basis IPSAS. The successful application of IPSAS 33 is often a cornerstone of IPSAS adoption and implementation” said IPSASB Chair Ian Carruthers. “This ED aims to clarify the requirements of IPSAS 33 to assist entities and jurisdictions in successfully completing their IPSAS transition journey.” 

IPSAS 33, First-time Adoption of Accrual Basis International Public Sector Accounting Standards (IPSAS), was issued in 2015 and has been applied by a number of public sector entities during their transition to accrual basis IPSAS. The IPSASB heard from these stakeholders that: 

• IPSAS 33 should be more user-friendly when applied as part of the entity’s broader transition journey; 
• Reliefs should be more clearly set in the entire transition process to accrual basis IPSAS; and 
• Reliefs should be designed to encourage the recognition and measurement of items, contributing to compliance as early as possible. 

The proposals in the Limited Scope Update Project do not propose to change the objective, scope, or available exemptions in IPSAS 33. Rather, the amendments to IPSAS 33 are aimed to make it easier to apply and to encourage first-time adopters to comply with IPSAS in a planned way as soon as possible. Feedback received to this ED will help shape the final amendments to IPSAS 33. 

How to Comment 
Access the ED, supplementary material, and the summary At-a-Glance documents, or to submit a comment. Comments on the ED are requested by December 13, 2024. The IPSASB encourages IFAC® members, associates, and regional accountancy organizations to promote the availability of these ED to their members and employees. 

About the IPSASB  
The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through developing and maintaining accrual-based International Public Sector Accounting Standards® (IPSAS®) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and the benefits of accrual adoption. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, the government of Canada, and The World Bank. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.  

About the Public Interest Committee  
The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information.