• IPSASB eNews: December 2023

    English

    The IPSASB held its final meeting of the year from December 5-8 in Toronto, Canada.

    Natural Resources-IFRS Alignment

    The IPSASB approved Exposure Draft (ED) 86, Exploration for and Evaluation of Mineral Resources, which provides the accounting guidance related to the costs incurred in the exploration and evaluation of mineral resources, and ED 87, Stripping Costs in the Production Phase of a Surface Mine (Amendments to IPSAS 12, Inventories), which provides guidance on how to account for costs incurred to remove waste material in a surface mining operation.  

    ED 86 and ED 87 will be exposed in Q1 2024, with a four-month comment period. 

    IPSAS 33–Limited Scope Update

    Following the completion of an initial research phase on the implementation experience of IPSAS 33, First Time Adoption of Accrual Basis IPSASs for a group of countries, the IPSASB approved a project brief for a limited-scope project to update and enhance IPSAS 33 to help ensure it is more helpful to initial adopters.

    Sustainability-Climate-Related Disclosures

    The IPSASB reviewed the objectives, scope and conceptual foundations for the development of the draft Climate-related Disclosures standard for the public sector. The IPSASB emphasized the public sector specificities, including its main objective to deliver services, its role as a policy setter and regulator, and its various responsibilities at different levels of government. In breakout sessions that included all members, technical advisors, observers and staff, the IPSASB sought feedback on technical topics and issues planned for consideration in March 2024 related to governance, strategy and risk management sections of the developing draft standard.  

    Natural Resources

    The IPSASB agreed on revised recognition criteria and initial measurement proposals, consistent with the Conceptual Framework and IPSAS for tangible assets. The IPSASB also decided that the guidance on natural resources should be in a standalone IPSAS.  

    Measurement-Application Phase

    The IPSASB continued its discussion on the applicability of Current Operational Value (COV) to various IPSAS. The IPSASB decided to amend IPSAS 3, Accounting Policies, Changes in Accounting Estimates and Errors to clarify that a change in the measurement model is a change in accounting policy. The IPSASB also considered COV examples related IPSAS 21, Impairment of Non-Cash-Generating Assets to better understand how adding it might work when undertaking impairment testing. 

    Presentation of Financial Statements

    The IPSASB agreed its Consultation Paper (CP) would explore an approach that allows different presentation approaches in IPSAS. The provision of different presentation approaches was supported based on the increased flexibility it would provide to public sector entities to provide a presentational approach more useful to the entities specific users. In breakout sessions, IPSASB members, technical advisors, observers and staff considered topics related to potential categorization and sub-totals in the statement of financial performance. 

    IFRIC Alignment–Narrow Scope Amendments

    The IPSASB began to review those IFRIC and SIC Interpretations not yet considered by the Board to determine whether they were public sector relevant. The IPSASB concluded on how it would determine which IFRIC and SIC Interpretations to propose for inclusion in IPSAS, and decided that IFRIC 7, Applying the Restatement Approach Under IAS 29, Financial Reporting in Hyperinflationary Economies is applicable to the public sector, and should be incorporated into IPSAS 10, Financial Reporting in Hyperinflationary Economies. The remaining outstanding items not yet considered will be discussed by IPSASB in March 2024. 

    Navigating IPSAS–Practical Support Material

    The IPSASB considered a draft of a feedback statement to communicate to constituents the IPSASB’s decision to support development of practical support material by a strategic partner organization as opposed to pursuing a Differential Reporting standard-setting project.  

    The Differential Reporting Feedback Statement is planned for publication in January 2024. 

    Other Lease-Type Arrangements

    The IPSASB continued the review of responses to ED 84, Concessionary Leases and Right-of-Use Assets In-Kind. The IPSASB decided to develop and then expose a standalone ED with non-authoritative guidance on the remaining arrangements included in the Request for Information, Concessionary and Other Arrangements Similar to Leases. The new ED will complement ED 84 and propose to update the most recent IPSAS on Revenue and Transfer Expenses on this topic. 

    Meeting Videos

    Recordings of the meetings are available on our YouTube channel.

    Next Meeting

    The first IPSASB meeting of 2024 will take place in New York, USA from March 12 – 15. For more information, or to register as an observer, visit the IPSASB website.

    Open for Comment

  • Worldwide Search Launches for Volunteer Members to Serve on the IPSASB

    New York, NY English

    A worldwide search has launched for volunteers to serve as members on the International Public Sector Accounting Standards Board (IPSASB), an independent standard-setting body that serves the public interest by setting high-quality standards for use by public sector entities globally in the preparation of general purpose financial reports.

    The initial-term of service for these volunteers will span three years, commencing on January 1, 2025. Candidates will ideally have a public sector background, with experience in standard setting and/or sustainability reporting. Out for comment now, the IPSASB’s draft Strategy and Work Program 2024-2028 proposes a shift from developing new standards towards maintaining the IPSAS suite of standards, and embeds the Board’s work in public sector sustainability reporting. Volunteers who can contribute to the changing scope and focus of the Board’s work are especially sought. English proficiency (both written and oral) is essential, as this is the language in which the IPSASB operates, although nominations from jurisdictions where English is not the predominant language, are encouraged.

    Nominations from all regions of the world are encouraged, with a particular emphasis on qualified candidates from both Asia and Europe. Nominations from a wide range of relevant backgrounds are sought, including, but not limited to, candidates from:

    • Users of general purpose financial reports, such as parliamentarians, budget offices, and credit-rating agencies;
    • Ministries of Finance, Accountants General Departments, and other preparers of accrual-based financial statements and/or public sector sustainability reports. With the increasing implementation of IPSAS, candidates from jurisdictions that are transitioning to or have already implemented IPSAS are particularly encouraged; and
    • Public sector external auditors.

    “To develop high-quality international standards and effectively promote IPSAS adoption, IPSASB volunteers need diverse backgrounds and skillsets,” said Ian Carruthers, IPSASB Chair. “With the continuing global transition to accrual IPSAS, I strongly encourage jurisdictions that are using IPSAS, or actively transitioning to IPSAS, to nominate candidates. This term will be during a landmark period of the IPSASB’s strategy and work program as it undertakes the development of sustainability standards in addition to its ongoing financial reporting activities. Engaging in this important work provides an opportunity to make a significant impact, while providing valuable experience that benefits the volunteer and its supporting organization.”

    All stakeholders, including the general public, as well as International Federation of Accountants (IFAC) member organizations, the Forum of Firms, governments, and other organizations are invited to nominate candidates. Global stakeholder participation is crucial to shaping the future of international public sector standards.

    The deadline for submitting applications is January 31, 2024. Please see the Call for Nominations for more details and information on how to submit an application.

    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, and the government of Canada. 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 Nominating Committee

    The Nominating Committee is responsible for the selection process for IPSASB membership. The Public Interest Committee oversees the nominations process for IPSASB and provides its advice. The International Federation of Accountants® (IFAC®) Board approves the IPSASB composition. To learn more about the Nominating Committee, please visit IFAC website.  

    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.

    Submit by January 31, 2024

  • IPSASB Call for Nominations 2025

    A worldwide search has launched for volunteers to serve as members on the International Public Sector Accounting Standards Board (IPSASB), an independent standard-setting body that serves the public interest by setting high-quality standards for use by public sector entities globally in the preparation of general purpose financial reports.

    IPSASB
    English

  • IPSAS 49, Retirement Benefit Plans

    International Public Sector Accounting Standard® (IPSAS®) IPSAS 49, Retirement Benefit Plans establishes comprehensive accounting and reporting requirements for the financial statements of retirement benefit plans, with participants comprising current and former public sector employees and other eligible members. 

    IPSAS 49 guides the accounting and reporting by a retirement benefit plan from the perspective of the plan itself. This enhances accountability to participants of the plan and other users.

    IPSASB
    English

  • IPSASB Issues Exposure Draft (ED) 85, Improvements to IPSAS, 2023

    New York, NY
    English

    The International Public Sector Accounting Standards Board® (IPSASB®) has issued Exposure Draft (ED) 85, Improvements to IPSAS, 2023.

    ED 85 proposes minor improvements to accrual basis IPSAS that arise through publications of the International Accounting Standards Board (IASB). The proposals in this exposure draft may be modified in light of comments received before being issued in final form. Comments are due by December 18, 2023 and must be submitted in English. 

  • Process for Reviewing and Adapting IASB Documents

    IPSASB's Policy Paper, Process for Reviewing and Adapting IASB Documents, sets out the process for considering IASB documents for alignment. The IPSASB uses analysis resulting from this process to determine whether identified public sector issues warrant departures from the IASB document when developing the related IPSASB document.

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