The aim of Exposure Draft (ED) 72 is to develop a standard that provides recognition and measurement requirements applicable to providers of transfer expenses. This ED is part of a suite of three EDs that address how to account for revenue and transfer expenses, and should be read in conjunction with:
The aim of Exposure Draft (ED) 71 is to develop a standard that provides recognition and measurement requirements for revenue transactions that do not have performance obligations. This ED is intended to update IPSAS 23, Revenue from Non-Exchange Transactions (Taxes and Transfers). This ED is part of a suite of three EDs that address how to account for revenue and transfer expenses, and should be read in conjunction with:
The aim of Exposure Draft (ED) 70 is to develop a standard that provides recognition and measurement requirements for revenue transactions with performance obligations. This ED is part of a suite of three EDs that address how to account for revenue and transfer expenses, and should be read in conjunction with:
This Handbook contains the complete International Public Sector Accounting Standards, published as of January 31, 2019. It also includes the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities.
The Survey was launched by the Public Interest Committee, the body that oversees the standard setting activities of the International Public Sector Accounting Standards Board (IPSASB). Established in 2015, the Public Interest Committee reviews the standard-setting activities of the IPSASB to ensure appropriate due process and that the Board’s activities reflect the public interest. Since its formation, the Committee has actively provided advice and recommendations concerning the development of the IPSASB strategy and work program, the appointment process for members of the IPSASB, and IPSASB standard-setting due process.
Stakeholder feedback through the survey will be an important source of input for the Public Interest Committee in carrying out the review of the current oversight arrangements of the IPSASB. All interested stakeholders are encouraged to participate in this global consultation.
Responses to the Survey are invited by February 24, 2020.
The International Public Sector Accounting Standards Board (IPSASB) has issued Collective and Individual Services (Amendments to IPSAS 19), which addresses a wide range of significant government expenditures that directly impact the lives of citizens globally.
Last January, the IPSASB issued IPSAS 42, Social Benefits, providing much-needed guidance on accounting for social benefits expenditure. This new guidance complements IPSAS 42 byproviding requirements for accounting for collective services (such as defense at national-levels and street lighting at sub-national levels) and individual services (such as healthcare and education). Collective and Individual Services requires that an expense is recognized at the point of service delivery.
IPSASB Chair, Ian Carruthers, said “I am pleased that, with the publication of Collective and Individual Services (Amendments to IPSAS 19), which complements IPSAS 42, Social Benefits, the IPSASB now has a full set of requirements and guidance on accounting for the most important programs of government.”
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 governments of Canada and New Zealand. 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.
Today, the International Public Sector Accounting Standards Board (IPSASB) has published Final Pronouncement, Improvements to IPSAS, 2019.
Improvements to IPSAS, 2019 was approved by the International Public Sector Accounting Standards Board (IPSASB) in December 2019. Improvements to IPSAS, 2019 comprises of minor improvements to IPSAS in order to address issues raised by stakeholders.
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 governments of Canada and New Zealand. 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.
Improvements to IPSAS, 2019 was approved by the International Public Sector Accounting Standards Board (IPSASB) in December 2019. Improvements to IPSAS, 2019 comprises of minor improvements to IPSAS in order to address issues raised by stakeholders.
Mr. Ajith S Ratnayake was appointed as a member of IPSASB from January 2020. He was nominated by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka).
He is the retired founder Director General of the Sri Lanka Accounting and Auditing Standards Monitoring Board (SLAASMB). He was responsible for building the technical capacity of SLAASMB and setting up its monitoring process of financial reporting and auditing of public interest entities in Sri Lanka.
He represented SLAASMB in the advisory council of the International Forum of Independent Audit Regulators (IFIAR), and at the Consultative Advisory Groups of IAASB and IESBA. He also represented Sri Lanka at the Intergovernmental Group of Experts on International Standards on Accounting and Reporting (ISAR) and in the working group on Commercial forests of the International Valuation Standards Council (IVSC).
He was a member of the advisory board of the Financial Intelligence Unit (FIU) of Sri Lanka and the committee which drafted the Code of Best Practice on Corporate Governance jointly issued by CA Sri Lanka and the Securities and Exchange Commission (SEC). He was also a member of the Presidential Commission on Failed Finance Companies in Sri Lanka.
Mr. Ratnayake was responsible for drafting Sri Lanka Public Sector Accounting Standard for Local Authorities (SLPSAS for LAs), Sri Lanka Public Sector Accounting Standards SLPSAS 11 to 20 and Sri Lanka Accounting Standard for Smaller Entities.
He is a fellow member of CA Sri Lanka, CIMA (UK) and ACCA (UK). He was awarded the Management Accounting Price at the final exam of CA Sri Lanka.
Dr. Kamira Sánchez joined the IPSASB in January 2020, as a self-nominee.
Dr. Sánchez is a Senior Manager at EY Germany and is part of the Global Public Sector Accounting team of EY, where she is involved in international IPSAS conversion projects in Europe and Latin America. Previous to this role, she served as head of the Accounting Norms and Continuous Improvements department at the Directorate of National Accounting of the Ministry of Economy and Finances of the Republic of Panama. Among her functions, she was Chair of the Committee of changes to the ERP software being implemented in public sector institutions and she worked on and supervised ERP changes to comply with new accounting standards requirements.
Dr. Sánchez holds a Ph.D. degree in Economics from the Friedrich-Schiller University Jena (Germany), a Master degree in Finances from the Universidad del Valle de México (Mexico) and a Bachelor degree in Bilingual Tourism Business Administration from the University of Panama. During her studies, Dr. Sánchez was scholarship holder of the German Academic Exchange Service (DAAD) and the Ministry of Economy and Finances of the Republic of Panama.
Dr. Sánchez is member of the Economists Association of Panama and is affiliated researcher of the Chair of Public Finance in the Faculty of Economics at the Friedrich-Schiller University Jena, Germany.
