• IPSASB eNews: September 2021

    English
    Conceptual Framework–Limited Scope Update–Next Stage

    The IPSASB agreed to propose revised definitions for an asset and a liability for inclusion in the Exposure Draft planned for approval in December 2020. 

    The IPSASB agreed to add obscuring information to the existing factors influencing materiality— omissions and misstatements. The IPSASB also agreed to insert a new section on unit of account. Staff will carry out further work on the case for addressing executory contracts explicitly in the Framework.  

    Revenue and Transfer Expenses

    The IPSASB clarified principles related to the existence and recognition of liabilities and assets in transactions arising with binding arrangements (in revenue and transfer expenses respectively). The IPSASB reconsidered and concluded that the distinction between transfer expenses with and without performance obligations is not useful from the transfer provider perspective.

    Draft guidance in both standards will be revised to first require an entity to assess whether a binding arrangement exists, and clarify the scope of the proposed transfer expenses standard.

    Natural Resources

    The IPSASB reviewed the draft Consultation Paper (CP) and considered the proposals on the presentation of information on natural resources. The IPSASB also reviewed the revised chapters on living resources and water, as well as other miscellaneous changes to the CP. The IPSASB plans to continue development of the CP at its December 2020 meeting, with an aim to approve it at its March 2022 meeting. 

    Leases

    The IPSASB decided to proceed with the proposals from Exposure Draft 75, Leases, including reconfirming those related to COVID-19 requirements, definition of a lease, lessee’s discount rate, and fair value definition. Further, the IPSASB decided that it will continue development of the leases guidance at its October check-in meeting with a plan to approve the new final Standard at its December meeting.

    Accounting and Reporting by Retirement Benefit Plans

    The IPSASB decided that the title for the standard being developed through this project should be Retirement Benefit Plans. The IPSASB also reviewed the options in IAS 26 and decided that to provide better information and improve accountability and transparency, some of the options should be removed from the Exposure Draft under development. These options relate to the measurement and presentation of the actuarial present value of promised retirement benefits, and the valuation of plan assets.  

    Next Meeting

    The next full-meeting of the IPSASB will take place virtually in December, 2021. For more information, or to register as an observer, visit the IPSASB website (www.ipsasb.org)

  • Exposure Draft (ED) 80, Improvements to IPSAS, 2021

    Exposure Draft (ED) 80, Improvements to IPSAS, 2021 proposes minor improvements to IPSAS to address issues raised by stakeholders and proposes minor amendments sourced from recent IFRS improvements and narrow scope projects. The proposals in this exposure draft may be modified in light of comments received before being issued in final form.

    Comments are requested by September 30, 2021.

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  • IPSASB Meeting

    Sep 12 - 16, 2022
    Lisbon, Portugal
    DoubleTree by Hilton Lisbon
    Additional notes: This meeting will no longer be accepting additional requests for in-person attendance in the public gallery. If you have any questions, please email Leah at leahweselowski@ifac.org. All sessions will be streamed live on the IPSASB YouTube Channel.

  • IPSASB Meeting

    Mar 21 - 25, 2022
    New York, USA
    Additional notes: This meeting will be streamed live on the IPSASB YouTube page: https://www.youtube.com/c/IPSASB. Subscribe and follow the IPSASB to stay up to date with all news.

  • Exposure Draft (ED) 79, Non-Current Assets Held for Sale and Discontinued Operations

    The International Public Sector Accounting Standards Board® (IPSASB®) has issued Exposure Draft (ED) 79, Non-Current Assets Held for Sale and Discontinued Operations.

    ED 79 is aligned with IFRS 5, Non-Current Assets Held for Sale and Discontinued Operations and proposes new guidance on how to account for non-current assets that are classified as held for sale, when they meet specific criteria.

    This ED is part of a suite of four EDs that address how to measure assets and liabilities in the public sector, and should be read in conjunction with:

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  • Exposure Draft (ED) 78, Property, Plant, and Equipment

    The International Public Sector Accounting Standards Board® (IPSASB®) has issued Exposure Draft (ED) 78, Property, Plant, and Equipment.

    ED 78 updates IPSAS 17, Property, Plant, and Equipment by adding general measurement guidance and measurement options when accounting for assets within its scope, identifying the characteristics of heritage and infrastructure assets, and proposing new guidance on how these important types of public sector assets should be recognized and measured.

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  • Exposure Draft (ED) 77, Measurement

    ED 77, Measurement proposes new guidance in a single standard which addresses how commonly used measurement bases are applied in practice. The ED brings in generic guidance on fair value for the first time, and it proposes a public sector specific current value measurement basis to respond to stakeholder views that a new measurement basis is required as an alternative to fair value for assets held for their operational capacity.

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